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.
Click Here to See What Your Home is Worth
11332 E Sable Avenue
Mesa, AZ 85212
$500,000
3
Beds
2.5
Baths
1,750
SqFt
Status
Active
MLS #
6700544
Property Type
Single Family Residence
Price Type
--
Welcome to Keighley Place, a charming neighborhood that offers a plethora of outdoor activities, many education options and breathtaking views. Embrace the outdoor lifestyle with parks, sports fields and courts just moments away. This vibrant community is minutes away from numerous education opportunities including primary and secondary schooling, both private and charter, a community college and an ASU campus. Travel comes easy as well with the 202 freeway and the mesa gateway airport close by. This single level, split floorpan offers 3 bedrooms, 2.5 bathrooms and a large yard. The upgraded kitchen has dark cabinets with beautiful granite counters, a large island, gas stove and a walk in pantry. The flooring consists of large neutral tile and plush carpeting in the bedrooms only.
2655 E Enrose Street
Mesa, AZ 85213
$500,000
3
Beds
2
Baths
1,601
SqFt
Status
Active
MLS #
6700727
Property Type
Single Family Residence
Price Type
--
Welcome home! This charming 3-bedroom home features a welcoming 2-car garage and an RV gate. Inside, you'll find vaulted ceilings, tile floors, and a cozy great room with a fireplace. The kitchen is equipped with wood cabinets, built-in appliances, granite counters, a pantry, and a center island. The spacious main bedroom offers direct backyard access, a private bathroom, and a walk-in closet. Additionally, there's a large shed that can serve as a workshop or storage. The backyard boasts a covered patio, an open patio, and a refreshing pool. Experience the charm of this lovely home for yourself!
14406 W St Moritz Lane
Surprise, AZ 85379
$500,000
4
Beds
2
Baths
2,391
SqFt
Status
Active
MLS #
6700941
Property Type
Single Family Residence
Price Type
--
Discover your own oasis in Royal Ranch, one of the most desirable communities in Surprise! This single-story gem features 4 beds, 2 baths, fresh paint, and has been meticulously maintained. The backyard paradise includes a pool, hot tub, waterfall, and misting system. With a 3rd car driveway, extended garage, and RV gate, there's ample parking for all. Just minutes from Surprise's attractions like Surprise Stadium, city center and Ottawa University. Don't miss out!
5419 W Michigan Avenue
Glendale, AZ 85308
$500,000
3
Beds
2
Baths
1,758
SqFt
Status
Active
MLS #
6700979
Property Type
Single Family Residence
Price Type
--
THIS HOME IS PICTURE PERFECT, FROM THE CURB TO THE PERFECTLY MANICURED BACKYARD! IT IS BEAUTIFUL FARMHOUSE DECOR! 3 BEDROOM ALL ON ONE LEVEL, LOOK OUT THE FAMILY ROOM WINDOW TO THE RELAXING BACKYARD THAT INCLUDES A WATERFALL PLAY POOL, FRUIT TREES, GREEN GRASS TURF, COVERED PATIO. TILE THROUGHOUT, NEUTRAL GRAY TONE COLORS, SOARING CEILINGS IN THE MAIN LIVING AREA, THIS HOME BOASTS A CORNER LOT, PAINTED GARAGE FLOOR, CABINETS AND WORK BENCH AREA IN GARAGE THIS HOME SHOWS PRIDE OF OWNERSHIP. NEW AC UNIT, MOVE IN READY!
11326 E Sandoval Avenue
Mesa, AZ 85212
$500,000
4
Beds
2
Baths
1,794
SqFt
Status
Active
MLS #
6701291
Property Type
Single Family Residence
Price Type
--
Welcome to this appealing residence with a tasteful neutral color paint scheme that creates a welcoming ambiance throughout. The primary bathroom offers a relaxing experience with a separate tub and shower, double sinks, and the kitchen has beautiful stainless steel appliances, a kitchen island, and an accent backsplash for added style. Fresh paint and new appliances give the interior a like-new feel, ensuring reliability and quality. The primary bedroom features a generous walk-in closet for storage needs. Outside, the fenced-in backyard provides privacy and space for gardening or leisure activities, while the covered patio is perfect for relaxation. This residence embodies comfortable and modern living, offering a perfect balance of style and functionality for your enjoyment.
1713 W Cortez Circle
Chandler, AZ 85224
$500,000
3
Beds
2
Baths
1,809
SqFt
Status
Active
MLS #
6702108
Property Type
Single Family Residence
Price Type
--
Welcome home! This home has been updated just for you! New Flooring, New Bathrooms, New Kitchen, New Garage Door, New Appliances, New Sod in the back yard and much more! The impeccable kitchen is equipped with quartz counters, white shaker cabinets, brand-new stainless steel appliances, a walk-in pantry, and a peninsula with a breakfast bar for casual dining. The main bedroom features soft carpeting, direct backyard access, a make-up vanity, a walk-in closet, and a private bathroom. Enjoy quiet afternoons in the backyard, boasting a covered patio, natural turf, and ample space for hosting weekend BBQs. Don't miss out on this fantastic opportunity!
5691 W Cinder Brook Way
Florence, AZ 85132
$500,000
2
Beds
2
Baths
2,119
SqFt
Status
Active
MLS #
6703122
Property Type
Single Family Residence
Price Type
--
Beautifully maintained home in the Active Adult resort community of Sun City Anthem at Merrill Ranch offers 2 bedrooms + den with double doors and 2 baths in 2119 SqFt with an open great room layout. The gourmet kitchen offers an abundance of cabinetry, granite countertops, stainless appliances including a gas cooktop, a walk-in pantry, and island with breakfast bar and pendant lighting. The great room has a built-in media wall with shelving and sliding doors that lead out to the covered patio with ceiling fan and private, fenced backyard. The professionally landscaped backyard includes extensive paver patios, gas firepit, easy-care artificial turf, and colorful desert plants. The primary bedroom has an en-suite bath with dual sink vanity, oversized shower with bench, linen closet, and roomy walk-in closet. Other features include a walk-in closet in the hallway, diagonal tile flooring throughout living areas and baths, carpet in bedrooms, an extended length 2 car garage with storage area and service door; and leased solar panels providing tremendous utility savings. World-class amenities include a resort-style pool and spa, indoor lap pool, walking track, pickleball, bocce, and other sport courts, fitness center, craft/game/learning rooms, a cafe, putting green, and golf course. See today!
26034 S Glenburn Drive
Sun Lakes, AZ 85248
$500,000
2
Beds
2
Baths
1,922
SqFt
Status
Active
MLS #
6703236
Property Type
Single Family Residence
Price Type
--
The community of Sun Lakes offers heated pools and spas, a clubhouse, and is known for its active adult lifestyle with various clubs and recreational activities available. The lot of this home is quite large, encompassing 0.27 acres, which positions it on an oversized and corner cul-de-sac lot. Plenty of room for a garden amongst other hobbies you may have. The home includes amenities such as two bedrooms, two bathrooms and an office area.The home has recent updates that include a skylight, HVAC, two screened in patios, hot water heater, solar panels and new windows and doors. Call for the full list and come see it today!!!
544 W Mesquite Street
Gilbert, AZ 85233
$500,000
3
Beds
2
Baths
1,753
SqFt
Status
Active
MLS #
6703512
Property Type
Single Family Residence
Price Type
--
Welcome to a FULLY REMODELED single story home! This house has brand new flooring, upgraded kitchen with new cabinets, new carpet and new interior paint throughout (2024). Great Gilbert location! New water heater is installed (May, 2024). Conveniently located near freeways, 60 Fwy and 202 Fwy. Major restaurants and stores, Costco are located near by. Vaulted ceiling and open floor plan. Ready to move in!
3891 E Page Avenue
Gilbert, AZ 85234
$500,000
3
Beds
2
Baths
1,528
SqFt
Status
Active
MLS #
6703627
Property Type
Single Family Residence
Price Type
--
***GILBERT STUNNER...ONLY $500K!!..FULLY UPDATED...SINGLE STORY...3 BED/2 BATH... MOVE-IN READY.*** Located in the HIGHLY SOUGHT-AFTER GILBERT community of HOLLIDAY FARMS, this beautiful PULTE home features OPEN FLOOR PLAN, VAULTED CEILINGS, GORGEOUS SKYLIGHTS & is LOADED w/ UPDATES including QUARTZ & CORIAN COUNTER TOPS, NEWER AC (2018) LUXURY VINYL PLANK FLOORS & more! Step outside to enjoy the COVERED PATIO & FINISHED BACK YARD ...w/ PROFESSIONAL MISTER SYSTEM...ideal for entertaining & family gatherings Pride of ownership really shows as this home has been meticulously cared for. Finishing touches include a spacious 2-car garage w/ cabinetry. Conveniently located near AWARD-WINNING GILBERT SCHOOLS, COMMUNITY PARKS, Local Shopping, Restaurants & more. HURRY, THIS ONE WON'T LAST LONG!
3487 Larson Loop
Forest Lakes, AZ 85931
$500,000
2
Beds
1
Bath
1,008
SqFt
Status
Active
MLS #
6704320
Property Type
Single Family Residence
Price Type
--
This midcentury chalet in Forest Lakes checks all the boxes. The location is perfect. Sitting at 7600+ feet elevation, summers are glorious. The home sits on a quiet loop and is set at the end of a meandering driveway flanked by carriage lights to welcome your visitors (the carriage light switch is in the cabin.) The main home is made from sturdy, low maintenance block, as is the huge 2+ car garage. The first floor of the main house has an efficient two-bedroom, one bath layout with a galley kitchen, dining area and a great room that takes full advantage of the two story windows overlooking your property. The stone fireplace takes up a full wall with a wood burning, glass front insert (Osburn) that was recently installed and is perfect for those cool nights. Upstairs in the main house is a spacious loft overlooking the spectacular view from the front windows. Add to that the garage with a work bench, not to mention an enormous second story hang out area complete with a pool table and sectional (THAT additional square footage is not included). Add to that a recently obtained Tuff Shed She-Shack, decked out with a long bench and shelving and with its own little deck. Speaking of the deck, newly constructed in 2014 and 2015 of composite decking material, it wraps around the front and side of the home and is the perfect spot for entertaining family and friends. And we can't forget our four-legged friends. A large, gated area has been designed to allow fun for the dogs. You will be surprised and delighted by the flowers planted around the home. A new furnace and hot water heater were installed in 2015, as was a new 1060 gallon septic tank installed in 2014. All appliances (refrigerator, stove, micro/convection oven and beverage refrigerator) were also purchased new in 2014/15. The main house and garage/rec room roofs were both replaced with metal roofing in 2015.
1516 N El Dorado Court
Chandler, AZ 85224
$500,000
3
Beds
2
Baths
1,416
SqFt
Status
Active
MLS #
6704507
Property Type
Single Family Residence
Price Type
--
Welcome Home to this 1416sqft 3 Bedroom, 2 Bath Chandler Gem with NO HOA!! This beauty is located in a cul-de-sac with an oversized RV gate and a 20WX22LX12 H covered RV port in the backyard perfect for all of your favorite outdoor toys! Step inside and you will be greeted with vaulted ceilings, updated 12X24 gray tile flooring throughout the main living, crisp white shutters throughout and updated neutral paint! The elegant kitchen has been recently updated and boasts gorgeous marble countertops, white shaker cabinets with silver pulls, linear glass mosaic backsplash, stainless steel appliances, a large stainless steel apron sink, built in KitchenAid microwave, electric stove, recessed lighting, an eat in kitchen nook and additional built in buffet with matching marble countertops and upper cabinets. There is ample storage in the laundry room with a wall of shelving and separate desk nook. The large owners suite presents vaulted ceilings, recessed lighting, wood look laminate tile flooring, oversized walk-in closet, snail shower with tile surround and two built in bench seats and a double vanity with makeup basin and framed mirrors. The large backyard features a covered patio, large grass area framed with a paver border, a refreshing pebble tech pool with boulder waterfall feature, in ground cleaning system, cool decking, fire pit and a large side yard with an oversized covered RV port!!
