Buying a New Home? Use This Checklist to Ensure Your Finances Are in Order

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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35090 N Lead Way San Tan Valley, AZ 85144

New

$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.

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4605 W Moss Springs Road Anthem, AZ 85086

New

$499,995

3 Beds

2 Baths

2,162 SqFt

Status Active

MLS # 6707530

Property Type Single Family Residence

Price Type --

Fall in LOVE with this charming home in the desirable Anthem West! Providing 3 beds, 2 baths, 2-car garage, & a desert landscape. Be greeted by a large living room, perfect for receiving guests! Continue onto the inviting dining/family room that opens to the kitchen, boasting multi-sliding doors merging the inside/outside activities. The impressive kitchen has SS appliances, recessed lighting, a pantry, ample wood cabinetry, & a 2-tiered island w/breakfast bar. Natural light filled the spaces, complemented by neutral paint & wood-look flooring w/plush carpet in bedrooms. Double-door main bedroom features a sitting area and an ensuite with dual sinks, separate tub/shower, & a walk-in closet. Discover the tranquil backyard with an extended covered patio to relax or enjoy BBQ! Move-in ready!

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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.

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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.

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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!

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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!

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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!!!!

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7664 W Mockingbird Way Florence, AZ 85132

New

$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.

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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.

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2875 W Shanley Avenue Apache Junction, AZ 85120

$499,990

4 Beds

2 Baths

2,051 SqFt

Status Active

MLS # 6704077

Property Type Single Family Residence

Price Type --

Welcome to Radiance at Superstition Vistas, a brand new master planned community located on the border where Mesa meets Apache Junction. This is a rare opportunity for optimal living - to have the convenience of city living while enjoying the breathtaking Superstition mountains! Small town feel meets modern amenities at its best! The KINGSTON-2051 sq ft, 4 bed/2 bath adorable, energy efficient single level home in which you will find tile in all common areas, 9 foot ceilings and on trend extra bright white walls. The kitchen has gorgeous maple cabinets, granite countertops & large island. Located close to the 24, 60 & 202.

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7409 W State Avenue Glendale, AZ 85303

$499,990

4 Beds

2.5 Baths

2,465 SqFt

Status Active

MLS # 6704821

Property Type Single Family Residence

Price Type --

Almost complete, new build home with Early Summer 2024 move-in! Amazing single family 4-bedroom 2.5-bathroom, 2 car garage home positioned on a N/S facing homesite within the desirable Alto gated community!!! This Tenor floor plan features quartz kitchen countertops, modern white full overlay cabinets, stainless kitchen appliances, contemporary imperfect smooth walls, and much more! ^^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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22896 E Roundup Way Queen Creek, AZ 85142

$499,990

3 Beds

2 Baths

1,567 SqFt

Status Active

MLS # 6705357

Property Type Single Family Residence

Price Type --

''Welcome to Madera, our beautiful community nestled in Queen Creek! Experience serene living with easy access to the 24 Freeway and nearby shopping, all while enjoying an array of fantastic community amenities. From the inviting community pool to the recreational offerings of pickleball, bocce ball, playgrounds, BBQ areas, and charming ramadas, there's something for everyone here. Step into this delightful new construction home, featuring 3 bedrooms, and 2 full bathrooms. The Violet floorplan offers a spacious kitchen with a large island, pantry, and expansive dining and great room areas, ideal for entertaining guests or enjoying quality family time. Embrace the elegance of our Timeless Palette, featuring 6 x 24 plank tile floors in the main living areas, plush carpeting in the bedrooms, stylish white 42 shaker upper cabinets with cabinet hardware, and stunning Ivory White quartz kitchen countertops paired with white herringbone tile backsplash. Included are 8' interior doors, 4-panel slider, Refrigerator, SS appliances with gas range, as well as pre-wire for pendent lighting in the kitchen. Don't let this opportunity pass you by! Contact us today to schedule a personalized tour and begin your journey to owning your dream home at Madera.

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