Buying a home is a significant expense. It doesn’t matter whether you’re a first-time buyer or have experience. Unless you have a large pile of cash, you’ll need to ensure your finances are in order before closing. In this post we’ll explore four financial items you’ll want to check off before buying a new home.
Figure Out Your Current Monthly Budget
First, you’re going to want to sort out your monthly budget. If you’ve never done a budget before, start with something basic. Open up a spreadsheet or take out a piece of paper. Make two columns: ‘income’ and ‘expenses’. Fill in each column with the amounts that you make or spend each month. Bank, credit card and other statements can help with this process. It’s a good idea to go back at least 3 months to ensure you’re capturing your true spending.
Make A Debt Management Plan
Do you have any debts? If so, you’ll want to make a plan for how you’re going to manage these when you buy a new home. For example, you may have a car payment, student loans, a line of credit or credit card debt. Write down your debts, how much you owe and when payments are due. If any debts are due monthly, make sure you include those in your budget.
Keep in mind that your outstanding debts may impact your ability to borrow for a mortgage as well. If you plan on taking out a mortgage to pay for your new home, it’s best to get your debts figured out beforehand.
Understand All Your Real Estate Costs
Next, you’ll want to determine what all your real estate costs are going to be. If you’re not yet close to the bidding or closing process, this might be a bit challenging. But ask your real estate agent for a breakdown of what you can expect to pay for a home in your price range.
Set Up An Emergency Savings Cushion
Finally, you’ll want to set up a financial cushion in case of emergencies. It’s not much fun to think about, but losing a job or having a health event is possible. Most financial experts recommend having at least six months of expenses saved up. Of course, this is always easier said than done. What’s important is that you have at least some cash tucked away, just in case. If you can, save a bit extra each month or from each pay check and add to this emergency fund.
When you’re ready to buy a new home, a licensed real estate agent is your best bet for success. Give me a call today and learn more about how affordable a new home in your community will be! J.P. Cook – 602-320-4253.
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21472 N Elba Road
Maricopa, AZ 85138
$499,995
4
Beds
3.5
Baths
2,500
SqFt
Status
Active
MLS #
6666354
Property Type
Single Family Residence
Price Type
--
The ranch-style Cassandra plan showcases an open layout with a great room, a breakfast nook and a large kitchen that's ready to enjoy. The owner's suite is adjacent, and boasts a generous walk-in closet and an attached bath. Two additional bedrooms flank a full bath upon entry, and the nearby fourth bedroom and third bathroom give you all the space and comfort you'll need.
15794 W Mckinley Street
Goodyear, AZ 85338
$499,995
4
Beds
2
Baths
2,265
SqFt
Status
Active
MLS #
6694239
Property Type
Single Family Residence
Price Type
--
Gorgeous corner lot home with north/south exposure. This spacious open floor plan home includes 2,265 sqft. of open living space, 3 bedrooms + 1 den, 2 bathrooms, a split floor plan, tile on all common areas, wall to wall sliding glass door with power controlled blinds, a beautiful gourmet kitchen. The kitchen features dark espresso cabinetry, granite counters, tile backsplash, stainless appliances including a gas range and oversized kitchen island with plentiful breakfast bar seating. Walk into the master bathroom with a rain shower that you will never want to leave. Enjoy those mornings and evenings in your own backyard's small private oasis. This property is a MUST SEE!!!!
3935 E Rough Rider Road
Phoenix, AZ 85050
$499,995
3
Beds
2.5
Baths
1,575
SqFt
Status
Active
MLS #
6698733
Property Type
Apartment
Price Type
--
Welcome to luxury living in the heart of Desert Ridge! This might be the best location in this desirable gated enclave, featuring 3 full bedrooms, 2.5 baths, 2 car garage, granite counters, stainless steel appliances, soft water system and all appliances included! The stunning Villages at Aviano features incredible amenities! In addition to the heated pool and outdoor spaces within the complex, you also have full access to the award winning Aviano facilities featuring heated pool, spa, fitness center, weight room, tennis & basketball courts, rock wall and a more! Desert Ridge is the place to be! Over 30 restaurants within 5 min, world class shopping, highly rated schools, amazing parks and ample open spaces-the crown jewel of the North Valley!
3614 W Cobalt Court
San Tan Valley, AZ 85144
$499,995
4
Beds
3
Baths
1,991
SqFt
Status
Active
MLS #
6700066
Property Type
Single Family Residence
Price Type
--
This beautiful home was crafted for the way you live. The open-concept kitchen provides connectivity to the main living area with prime access to the outdoor patio. Embrace relaxation in the sun-filled great room that is bursting with natural light and is adjacent to the kitchen and casual dining area. A first-floor office provides the space to work from home. Don't miss this opportunity!
35090 N Lead Way
San Tan Valley, AZ 85144
$499,995
4
Beds
3
Baths
1,991
SqFt
Status
Active
MLS #
6706391
Property Type
Single Family Residence
Price Type
--
This beautiful home was crafted for the way you live. The open-concept kitchen provides connectivity to the main living area with prime access to the outdoor patio. Embrace relaxation in the sun-filled great room that is bursting with natural light and is adjacent to the kitchen and casual dining area. A first-floor office provides the space to work from home.
19589 W Jamestown Road
Buckeye, AZ 85396
$499,995
3
Beds
2.5
Baths
2,400
SqFt
Status
Active
MLS #
6648555
Property Type
Single Family Residence
Price Type
--
The heart of this floor plan is an open layout with a great room, a breakfast nook with center meet doors and a kitchen with a walk-in pantry and a center island. The owner's suite is adjacent, and showcases a generous walk-in closet and an attached bath with double sinks. . A private study, two bedrooms and a bath round out the residence.
18016 W Puget Avenue
Waddell, AZ 85355
$499,995
3
Beds
3
Baths
1,870
SqFt
Status
Active
MLS #
6661377
Property Type
Single Family Residence
Price Type
--
BEAUTIFUL MODEL HOME-Enjoy this ready to move in 3 Bedroom 3 Bath with Study popular Larimar floorplan that offers endless upgrades including 9' ft ceilings, quartz countertops throughout ,an open great room with center-meet slider doors, immaculate landscaped backyard with firepit and comes fully designer furnished. This is an Incredible Value & A Must See!!!!
5750 N 10th Street
Phoenix, AZ 85014
$499,995
2
Beds
2.5
Baths
1,656
SqFt
Status
Active
MLS #
6674011
Property Type
Townhouse
Price Type
--
Fully remodeled modern beauty! Spinnaker Place is a cozy community with only 16 homes and a community pool located in Uptown Phoenix. This home shines with NEW shaker cabinets, SS appliances, featuring refrigerator and wine fridge, quartz counters, & backsplash. Stunning NEW subway tiled wood burning fireplace,NEW modern railings, NEW flooring throughout. NEW indoor and outdoor lighting & ceiling fans throughout. Owner's suite has an amazing bath with oversized shower and balcony overlooking a private courtyard with maintenance-free artificial grass. Pool is steps away. This is the nicest unit in the entire community. mins from the biltmore with amazing shopping and fine dining, easy access to the 51 freeway and I-17.
39312 N Jay Circle
San Tan Valley, AZ 85140
$499,995
5
Beds
3
Baths
2,856
SqFt
Status
Active
MLS #
6693266
Property Type
Single Family Residence
Price Type
--
This is your chance to own this lovely 5-bedroom home in Pecan Creek! The 2-car garage and manicured front yard is just the beginning. Discover an inviting interior displaying wood-look flooring, neutral palette throughout, and sliding glass doors opening to the back patio. The kitchen features SS appliances, recessed lighting, white cabinets with crown moldings, tile backsplash, granite counters, a walk-in pantry, and an island with a breakfast bar. The fully carpeted loft with built-in desks offers endless possibilities! The main suite boasts a private bathroom complete with granite dual sinks and a walk-in closet. All new windows and slider in 2020! Enjoy relaxing in the spacious backyard showcasing a full-length covered patio and endless blue skies! Act now!
3743 E Longhorn Drive
Gilbert, AZ 85297
$499,995
4
Beds
2
Baths
1,656
SqFt
Status
Active
MLS #
6694088
Property Type
Single Family Residence
Price Type
--
Stunning single-level home offering a blend of comfort, style, and entertainment. Step inside to discover updates throuhgout including new laminate flooring, new paint, and a wired surround sound system. The attic insulation was also redone, ensuring year-round comfort and efficency. The open floorplan flows right into the kitchen with granite countertops and dark stainless steel appliances. 4 spacious bedrooms can be found down the hall along with 2 updated / modern style bathrooms. Venture into the backyard to see the refreshing pool, perfect for cooling off during those warm AZ days. This home is nestled in an A+ school district and conveniently located near walking paths and the Gilbert Temple. Don't miss out!
7664 W Mockingbird Way
Florence, AZ 85132
$499,990
2
Beds
2.5
Baths
2,474
SqFt
Status
Active
MLS #
6706513
Property Type
Single Family Residence
Price Type
--
Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender.'' Lifestyle is around every corner of this community. Enjoy all the amenities that you have come to expect in 55+ living. This home is a must see with an estimated completion of late summer/early fall.
5512 W Olney Avenue
Laveen, AZ 85339
$499,990
4
Beds
3
Baths
2,150
SqFt
Status
Active
MLS #
6703313
Property Type
Single Family Residence
Price Type
--
''Welcome to your dream home! Nestled on a spacious corner homesite, this charming single-story residence boasts comfort, style, and modern convenience at every turn. With 2,100 square feet of living space, this meticulously designed home offers ample room for relaxation and entertaining. As you approach, you'll be captivated by the inviting farmhouse exterior and charming front porch. The paver driveway leads you to a three-car garage, providing ample space for vehicles and storage. Step inside and be greeted by an abundance of natural light that illuminates the open-concept floor plan. The heart of the home is the expansive living area, featuring a stunning four-panel sliding door that seamlessly connects the indoor and outdoor spaces. Imagine hosting gatherings with loved ones or simply enjoying tranquil moments on the covered patio. The kitchen is sure to delight the chef in the family, with tall 42-inch cabinets, sleek hardware, and a beautiful backsplash that adds a touch of elegance. The white quartz countertops provide ample workspace, while the large island offers additional seating for casual meals or homework sessions. Equipped with top-of-the-line stainless steel appliances, including a gas range and built-in microwave, this kitchen is as functional as it is stylish. Adjacent to the kitchen, you'll find a versatile den, ideal for a home office, study, or playroom. Three spacious bedrooms offer comfort and privacy for family and guests, each featuring plush carpeting and ample closet space. The primary suite is a true retreat, boasting a luxurious ensuite bathroom with dual square sinks, upgraded fixtures, and a separate walk-in shower. Throughout the home, you'll appreciate the modern aesthetic of 12 by 24 plank tile flooring, offering durability and easy maintenance. Except for the bedrooms and den, this stylish flooring extends seamlessly throughout the living spaces, creating a cohesive and welcoming atmosphere.
