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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3162 E Ravenswood Drive Gilbert, AZ 85298

New

$499,900

4 Beds

2 Baths

1,815 SqFt

Status Active

MLS # 6707148

Property Type Single Family Residence

Price Type --

Looking for a new home? You've found it! This wonderful 4 bed, 2 bath residence boasts great curb appeal, an easy-care front yard, and a 2 car garage w/an extended driveway. Inside you'll find a spacious living area w/elegant wood-look flooring and warm palette throughout. The eat-in kitchen is equipped w/everything you need for home cooking, wood cabinetry w/crown moulding, granite counters & backsplash, a pantry, stainless steel appliances, recessed lighting, and an island complete w/a breakfast bar. Relax and unwind in the primary bedroom, boasting a walk-in closet and private ensuite w/dual sinks. Finally, the sizeable backyard with its covered patio and grassy area is the perfect place for spending quality time w/friends & loved ones!

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2480 W Road 4 North -- Chino Valley, AZ 86323

New

$499,900

3 Beds

2 Baths

1,561 SqFt

Status Active

MLS # 6705923

Property Type Single Family Residence

Price Type --

Completely remodeled home on a 1+ acre corner lot in Chino Valley. New HVAC, new roof, new garage doors and more. Almost a brand new home with new stucco and brick exterior. Fresh laid pavers in the front of the home with a covered porch entryway. Enjoy the front yard views all the way to Flagstaff. As you enter the home you will notice the brand new LVP flooring, freshly textured and painted walls, ceilings and doors, a new electric insert fireplace, new lighting throughout and spacious open floor plan. In the kitchen there are new cabinets, appliances, sink and quartz countertops. Don't miss the walk in pantry and very large dining room with gorgeous windows and a slider to the backyard. Good sized bedrooms and a 3/4 bath with new fixtures and tile shower. In the nicely sized master there is a walk in closet, natural light with backyard views and a master bath that includes new vanity, mirror, fixtures and tile surround shower. Detached workshop and plenty of space for pets, animals and all your toys on this flat 1+ acre lot.

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24426 N 38th Lane Glendale, AZ 85310

New

$499,900

3 Beds

2 Baths

1,669 SqFt

Status Active

MLS # 6706896

Property Type Single Family Residence

Price Type --

You'll LOVE this beautiful, energy-efficient home in North Canyon Ranch! Situated on a corner lot, it displays a mature landscape & a 3-car garage w/attached cabinetry. Discover a semi-open layout, which perfectly balances privacy and connectivity! The inviting family room offers French doors to the back and a picture window to enjoy mountain views. Natural light filled the spaces, complemented by a two-tone palette, layered crown molding, & tile flooring w/plush carpet in bedrooms. The kitchen has SS appliances, quartz counters, subway tile backsplash, track lighting, and ample wood cabinetry. Main bedroom boasts shelving and an ensuite that includes a sit-down shower & a large vanity sink w/two faucets. Check out the tranquil backyard with a hot tub & an extended covered patio! Act now!

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4158 N 298th Lane Buckeye, AZ 85396

$499,900

5 Beds

4 Baths

4,021 SqFt

Status Active

MLS # 6702533

Property Type Single Family Residence

Price Type --

Great opportunity to own in the growing area of Tartesso in Buckeye. Don't miss out on the chance to own a move in ready 5 bedroom, 4 bathroom home, on a premium oversized lot that has no neighbors to 1 side or behind. Just steps to all of the community amenities, this house checks all of the boxes. Formal living and dining, open concept family room and kitchen with tons of cabinet space, loft, spacious Primary Suite with huge bathroom and walk in closet. Enjoy the serenity of your backyard oasis. Don't miss the chance in this growing community.

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20713 W Fern Drive Buckeye, AZ 85396

New

$499,900

2 Beds

2 Baths

1,882 SqFt

Status Active

MLS # 6707368

Property Type Single Family Residence

Price Type --

Stunning CORNER LOT, 2 bed/2 bath with a DEN, Community Pool, Fitness Center, Golf Course, Restaurants & more in the Gated Active Adult Community of Verrado called Victory. Gorgeous gourmet kitchen has white cabinets, quartz counters, island, glass pendants, stainless steel appliances, hood vent, gas cooktop, wall oven/microwave, pantry and backsplash. The open floor plan has upgraded wood plank tile throughout the home. Large master bedroom with walk-in closet and ensuite bathroom. Primary bathroom has dual sinks, private toilet, and beautiful spa shower with a herring bone pattern. Mudroom off the garage with a built-in bench and extra storage. The laundry room has a sink and even more cabinets for storage. Relax on the covered paver patio with pergola. This home has it all!

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2315 N 52nd Street Phoenix, AZ 85008

New

$499,900

3 Beds

3 Baths

1,654 SqFt

Status Active

MLS # 6707432

Property Type Townhouse

Price Type --

Welcome to this stunning, fully furnished 3-bedroom unit, offering a bedroom and bathroom on each level for ultimate convenience and privacy. The spacious kitchen features a huge quartz island peninsula and gorgeous appliances, perfect for entertaining. Enjoy the large walk-out balcony and the luxurious Master Suite, which includes a massive walk-in shower and a versatile ensuite that can serve as an office, nursery, workout room, or second walk-in closet. The 2-car garage boasts an epoxy floor, and the open living area is enhanced by 9-foot ceilings. Located close to Arcadia, Biltmore, Fashion Square, Tempe, Downtown Phoenix, and Papago, this home offers unparalleled access to the best of the city.

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11872 W Alvarado Road Avondale, AZ 85392

$499,900

4 Beds

2.5 Baths

2,449 SqFt

Status Active

MLS # 6508458

Property Type Single Family Residence

Price Type --

Welcome home sweet home, ready to move in highly desirable neighborhood. Plantation shutters throughout downstairs, gorgeous large open kitchen with granite counter tops, upgraded kitchen appliances with French glass doors den downstairs. Covered patio, RV gate. Extended walk in master shower everything you need is here in this house. Close to freeways, Westgate, State Farm Stadium,Spring Training, Restaurants, shopping, all just few minutes away. Home faces a quiet community park. Owner agent. Buyer to verify all facts and figures. Home is also avail for short term please inquire.

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9405 W Coolidge Street Phoenix, AZ 85037

$499,900

4 Beds

2.5 Baths

2,929 SqFt

Status Active

MLS # 6610494

Property Type Single Family Residence

Price Type --

Great updated home is nestled closely to LOOP 101 and I-10 freeways, West Gate shopping, State Farm Stadium.New paint, new tile floors, new lighting.Spacious living room with area for dinning. Large refaced kitchen cabinets with granite counter tops, designer tile walls, gas stove and island with breakfast room open to family room.Master bedroom huge and have a sitting area and custom large built-in walk-in closet .All windows have designer custom shades. 2 new A/C units in 2020.All nice size bedrooms have walk-in closets.Large loft can be used as office or game room or 5th bedroom.Large combo walk-in pantry and laundry.Huge back yard with Synthetic Grass, pavers, easy to take care off.Extended covered patio. RV gate and RV parking and extra slab.

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2080 E Greenway Drive Tempe, AZ 85282

$499,900

4 Beds

2 Baths

1,816 SqFt

Status Active

MLS # 6622214

Property Type Single Family Residence

Price Type --

Discover the beauty of this 4-bedroom, 2-bathroom treasure in Tempe! Featuring a new roof installed in 2019 and an upgraded A/C system in 2021, this home exudes modern comfort. The kitchen boasts an abundance of cabinets, a convenient breakfast bar, and elegant French doors that open to a generously sized family room, ideal for entertaining guests. Retreat to the main bedroom showcasing a spacious walk-in closet and a stylishly renovated ensuite bath. Additional highlights include an inside laundry room with ample storage space. Outside, the private backyard awaits your personal touch, complete with an extended covered patio perfect for outdoor gatherings.

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2304 W Catalina Avenue Mesa, AZ 85202

$499,900

3 Beds

2 Baths

1,691 SqFt

Status Active

MLS # 6680808

Property Type Single Family Residence

Price Type --

Home, sweet home! This highly maintained single-level home on a coveted corner lot awaits you! Displaying brick accents, a large front yard, a 2-car garage, an RV gate, & an extended driveway. Discover an open floor layout adorned w/recessed lighting t/out, wood-style flooring, & French doors leading to the back patio. The well-kept kitchen is fully equipped w/an electric cooktop, wall ovens, & granite counters. Ample wood cabinetry, striking mosaic tile backsplash, & a breakfast bar elevate the space. Sliding barn doors open to a sizable den ideal for a hobby space. The main bedroom offers a mirrored door closet, a private bathroom w/dual sinks, & direct backyard access. Have fun in the vast backyard w/a covered patio, children's playground, artificial turf, & a diving pool!

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4151 S Plasma -- Mesa, AZ 85212

$499,900

3 Beds

2 Baths

1,567 SqFt

Status Active

MLS # 6650303

Property Type Single Family Residence

Price Type --

Premium lot with a big backyard surrounded by single story homes for privacy. This 3-bedroom 2-bathroom home is located in the desirable Eastmark community. Tile throughout with carpet in the bedrooms. Large kitchen island with Granite countertops. Plantation shutters on the windows facing the front of the house. SELLER TO CONTRIBUTE $5,000 TOWARDS BUYERS CLOSING COSTS.

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12336 W Pinnacle Vista Drive Peoria, AZ 85383

$499,900

2 Beds

2 Baths

1,635 SqFt

Status Active

MLS # 6632392

Property Type Single Family Residence

Price Type --

Beautiful Shea Home with open floorplan and lots of windows/natural light. Very private location in one of the original sections of Trilogy. North/South exposure. Entertain in the beautiful North-facing backyard or use the South-facing courtyard in front. Both are covered but allow for beautiful desert landscape views. Owner has recently updated cabinets to lighten and brighten spaces throughout the home. Fantastic floorplan with a generously sized kitchen with plenty of cabinets, storage, and an island. Granite counters compliment the stainless steel appliances. Two bedrooms have plenty of room and closet space. A Den with double doors makes a great office, bonus room or third sleeping area. Owners suite has a walk in closet and sliding doors to backyard patio. Other features include: Tankless water heater, water filtration system, fenced backyard, blinds, ceiling fans, newer air conditioner, built in BBQ, fruit trees, and plenty of shade on both the patio and under the front court yard pergola. This home is move in ready!

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