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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3402 E Carol Circle Phoenix, AZ 85028

$620,000

3 Beds

2 Baths

1,706 SqFt

Status Active

MLS # 6777768

Property Type Single Family Residence

Price Type --

Phoenix Home in Prime Location! This single-story home sits in one of Phoenix's most desirable neighborhoods - 3 beds, 2 baths, 1706 sq ft living area, 11,678 sq ft lot size, 2023 HVAC, 2022 interior paint, newer stainless steel kitchen appliances & shaker style cabinets. Open floor plan, travertine tiles & bright white interiors ready for your personal touch. Highlight of this property is the location & lot size. Love outdoor adventures or shopping? You'll be just minutes away from Phoenix Mountain Preserve, Dreamy Draw, shopping & dining. Plus, seller is offering $10,000 towards buyer's closing costs and/or as interest rate buy down with a full price offer. Don't miss this gem - come view it today!

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831 N Owl Drive Gilbert, AZ 85234

$620,000

5 Beds

3 Baths

2,166 SqFt

Status Active Under Contract

MLS # 6767759

Property Type Single Family Residence

Price Type --

Private cul-de-sac lot, the property boasts a huge yard perfect for entertaining. Relax by the recently upgraded pool (2022) and enjoy the large covered patio and grass. Spacious Tri-level home features 5 bedrooms and 3 baths. Master suite is located upstairs along with two other bedrooms, while two additional bedrooms and a game room in the basement, providing versatile space. 2x6 wood frame construction, Tile floors in the living spaces. New paint and New Carpet. The kitchen has painted cabinets and a double oven range . Primary bathroom is gorgeous with the tiled shower and beautiful vanity with double sinks The home's prime location offers the convenience of walking distance to the popular Highland High School. Large side yard with 2 storage sheds. Custom pool safety net.

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898 W Knox Street Pearce, AZ 85625

$620,000

4 Beds

4 Baths

3,245 SqFt

Status Active Under Contract

MLS # 6777962

Property Type Single Family Residence

Price Type --

Custom Built 3,245 sq ft Santa Fe home, with BRAND NEW $70,000, 815' Well with new electrical, equipment and water line to house, 40' x 60' fully insulated metal shop, complete with plywood walls & ceiling, solid concrete slab foundation, 220v power, 3/4 Bath, large utility sink, roll up door, 20'x60' lean-to, tack shed and horse corral. Home has fully equipped separate mother-in-law suite on East side of home AND 3 bedrooms 2 baths. 2 of the 3 bedrooms have private entrances onto the covered wrap around porch, AND a dedicated office with private entrance at front door that is equipped with High-Speed Fiber Optic Internet and custom-built Alder wood bookshelves. There is an attached 2 car garage, fully insulated, Electric door openers and tons of storage cabinetry. This home has Breathtaking mountain views and is nestled amidst the awe-inspiring foothills of the Cochise Stronghold - Coronado National Forest. Embrace all four seasons at an elevation of 4,560 feet, where milder summers make it ideal for escaping the Arizona heat. Beautiful Landscaping surrounds the property, creating a tranquil escape where you can soak in the beauty of the surrounding wilderness. Gaze at the panoramic views of the majestic Cochise Stronghold were once the refuge of the great Apache Chief, Cochise, and his people. The amazing wildlife viewing opportunities that this allows is endless.

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6168 S Fairway Place Gold Canyon, AZ 85118

$620,000

2 Beds

2 Baths

2,364 SqFt

Status Active

MLS # 6748933

Property Type Townhouse

Price Type --

This beautiful home in the prestigious Fairway Views gated community features 2 master bedroom suites, one upstairs and one downstairs. Both have walk in closets, showers and upstairs features a large soaking tub! Open concept great room with 22-foot ceilings, a den and a loft. There is a large balcony in front with panoramic mountain views of the Superstitions and a balcony in back overlooking the pool! The private pool has a heater for winter and there is a magnificent octagonal covered patio with mechanical sunshades and ceiling fans to enjoy year-round entertaining. Two new HVAC units installed in 2022 and pool pump and dishwasher replaced recently. There is a community pool, walking path and clubhouse and is next door to Gold Canyon Golf Resort! HOA includes water, garbage and exterior paint! Custom cabinets and doors throughout the home. The original owner was the builder for the subdivision so there are many upgrades and extras! Furniture can be purchased on a separate bill of sale.

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28340 N 132nd Avenue Peoria, AZ 85383

$620,000

5 Beds

3 Baths

3,308 SqFt

Status Active

MLS # 6774617

Property Type Single Family Residence

Price Type --

Presenting *The Jasmine*, a beautiful and nearly new home located in the prestigious Granite Hills Discovery Community of Vistancia. This home offers breathtaking mountain views & a floor plan perfect for modern living with a Honeywell Smart System. The main level features a guest bedroom & an office, while upstairs the owner's suite impresses with a luxurious bathroom including a Super Shower & a Gigantic walk-in closet. You'll also find 3 additional bedrooms, a generous loft, and a spacious laundry area. The heart of the home is the open-concept kitchen with gourmet GE Profile Smart Appliances & flows seamlessly into the great room, complemented by a formal living room. The backyard is a blank canvas, awaiting your vision to create the perfect desert oasis. Over 70k in Builder Upgrades.

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32716 N 50th Street Cave Creek, AZ 85331

$620,000

3 Beds

2.5 Baths

2,304 SqFt

Status Active

MLS # 6780304

Property Type Single Family Residence

Price Type --

Fall in love with this rare opportunity. LOCK-AND-LEAVE 3 bedrooms, 2 1/2 bathrooms in the best location in Cave Creek. Bonus room downstairs makes a great office/exercise room. Upstairs the 3 bedrooms surround a huge loft/game room. Spacious master suite with oversized walk-in shower and large closet. LOW-MAINTENANCE backyard w/covered patio, privacy hedges & artificial grass.The breathtaking Sonoran Preserve nearby offers serene biking and hiking paths. Single family home, no shared walls, no neighbor above or below. This home offers the best lifestyle Arizona has for you. Less than 5 years old energy efficient home with tankless hot water heater, water softener/soft water loop, reverse osmosis, Wi-Fi Smart programmable thermostat, Carrier HVAC unit. Whirlpool appliances Refrigerator connected to R/O line, Stainless microwave/hood combination offers steam & sensor cooking. The range is gas for optimal cooking with a center burner, frozen bake, & speed heater burner.( Minutes from Scottsdale, 2 minutes to Sprouts, Target, and Starbucks. Only 5 minutes to the historic area of Cave Creek where the American West thrives with lively restaurants, nightlife, coffee shops, museums & galleries. 10 minutes to Mayo Clinic which would make it a fantastic rental for nurses and traveling physicians. Minutes to world class golf, Boulders, Dove Valley, Rancho Manana, Troon, Tatum Ranch. Whether this is for you or an investment, you cannot go wrong with this irresistible property that has incredible income potential! Highly-rated schools in the desirable Cave Creek School District.(

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10101 N Arabian Trail Unit 1020 Scottsdale, AZ 85258

$620,000

3 Beds

2 Baths

1,262 SqFt

Status Active

MLS # 6785496

Property Type Apartment

Price Type --

Absolutely SPECTACULAR first floor unit in the prized Casabella Condos in McCormick Ranch. This 3 bedroom, 2 bath condo with a 1 car garage was upgraded to the 9's in 2018 and features new: windows throughout, a/c unit, designer cabinets and granite throughout, laminate wood flooring, 3.5'' baseboards, paint, showers, wood blinds, all lighting fixtures and top of the line appliances. It is a corner unit and overlooks the pool. This incredible complex is steps from the McCormick Ranch walking greenbelt, the 101 freeway and a tremendous amount of incredible shopping. Whether you are looking for the perfect lock and leave property or a forever home, this is the one!

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2658 N 19th Avenue Phoenix, AZ 85009

$620,000

3 Beds

2 Baths

1,857 SqFt

Status Active Under Contract

MLS # 6786195

Property Type Single Family Residence

Price Type --

No Bank Or Qualifying Needed! Seller Finance Available with 10% Down, 5.25% INT Rate. No Balloon. Relax in your Great Room overlooking the Beautiful Views of the Encanto Golf Course. This Mid-Century Modern Home has some recent updates of the Kitchen, Custom Wood Cabinetry, Open and Entertaining Great Room with Wood Burning Fireplace. Comfortable addition of Recessed Can Lighting at Great Room. A Very Elegant Home, Plus Formal Dining Area. Farmhouse Kitchen Sink, Quartz Counter top at Kitchen, Designer Backsplash. Your Friends will love the Wine chiller that holds enough for an evening of friends gathering. Upgraded Electrical. Home sits far back on the lot away from the road, very quiet inside.

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20121 N 76th Street Unit 2022 Scottsdale, AZ 85255

$620,000

2 Beds

2 Baths

1,854 SqFt

Status Active

MLS # 6751819

Property Type Apartment

Price Type --

Discover this gorgeous 2-bedroom, 2-bathroom condo with a convertible den in the gated Vintage at Grayhawk community. Meticulously maintained, this home offers a perfect blend of modern elegance and comfort. The open-concept floor plan includes a spacious kitchen with stainless steel appliances, a cozy living area, and a private balcony with breathtaking views. Enjoy access to a heated community pool, gym, shopping, and dining. Recent upgrades enhance its appeal: hot water heater (2022), garbage disposal (2022), AC unit (2023), interior paint (2022), new flooring (2023), granite countertops (2023), and ROE tank (2024). This is a rare opportunity to experience Scottsdale's vibrant lifestyle in an exceptional home.

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77 E Atole Court Queen Creek, AZ 85140

$620,000

2 Beds

2 Baths

1,884 SqFt

Status Active

MLS # 6770642

Property Type Single Family Residence

Price Type --

Welcome to your stunning and popular Refresh plan in the beautiful community of Encanterra! This home truly embodies an open feel perfect for entertaining! Every detail of the home is special with upgrades including a central vac, gourmet kitchen and custom window shades! The primary suite offers a private oasis, while your guests can enjoy their own privacy on the opposite side of the home. The 4ft extended 2-car garage will provide you with add'l space and built-in cabinets for plenty of storage. Outside you'll experience Arizona living with your own beautiful custom fire pit, built in BBQ, pergola with a color light remote system ideal for entertaining and relaxation. This incredible home is being offered furnished!

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27002 W Oraibi Drive Buckeye, AZ 85396

$620,000

3 Beds

3 Baths

2,529 SqFt

Status Active

MLS # 6759792

Property Type Single Family Residence

Price Type --

Step into style and comfort through a private courtyard w/a wrought iron gate. This stunning 3+ bed, 2.5 bath home boasts 10-foot ceilings, an elegant kitchen featuring a half-moon island w/seating for 4+,a convenient coffee bar and expansive pantry nearby. The open-concept main living area leads to a walk-out slider. The spacious owner's suite offers an extra-large walk-in closet and a luxurious bathroom with dual sinks and a generous walk-in shower. Additional highlights: a golf cart garage, an expansive covered patio surrounded by greenery and a mister system, large corner lot and automated blinds in the main livingroom. Experience the perfect blend of comfort and sophistication in this meticulously designed and maintained home. sophistication in this meticulously designed and maintained residence. Located in a 55+ community, pools, golf, community centers with a variety of amenities.

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5100 E Rancho Paloma Drive Unit 2043 Cave Creek, AZ 85331

$620,000

2 Beds

2 Baths

2,074 SqFt

Status Active

MLS # 6707699

Property Type Townhouse

Price Type --

This beautiful condominium, built in 2022, boasts a spacious and airy open floor plan, designed for modern living. This unit offers privacy with breathtaking mountain views and an attached 2 car garage. This beloved second home, has been lightly lived in, ensuring its great condition. Equipped with smart home technology, allowing you to manage your home remotely with ease. Control lighting, security, and other essential functions from anywhere, ensuring your home is always ready for your arrival. Enjoy ''The Good-Life'' in this wonderful pet-friendly community, with a fitness room, a heated pool and spa. The Office can be converted into a 3rd bedroom if needed. The furniture is negotiable and can be conveyed separately on bill of sale.

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