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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17463 N 66th Avenue Glendale, AZ 85308

$563,980

3 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6645957

Property Type Single Family Residence

Price Type --

FINAL OPPORTUNITY! ** LAST HOME REMAINING * * Mid-Dec 2024 completion. Our last available home in the community, nestled along the scenic Skunk Creek Trail near Arrowhead. Priced affordably with builder incentives for financing. Price includes front yard landscaping. This 3-Bedroom, 2.5 baths and 1832sq ft has no stairs or steps, with a bright, open Great Room and features a wall of sliding doors to the covered patio; Be the envy of your friends and family with this amazing Gourmet kitchen, with oversized island, walk in pantry, 42'' upper cabinets—all open to the Great Room with lots of light!

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10959 E Tupelo Avenue Mesa, AZ 85212

$563,900

3 Beds

2 Baths

2,150 SqFt

Status Active

MLS # 6694537

Property Type Single Family Residence

Price Type --

Singe level pool home in Bella Via! Neutral paint and flooring in soothing tones is waiting for personal touches! Chef's kitchen with gourmet SS appliances including gas cooktop and wall oven, Expansive quartz island with extended staggered cabinetry Split floorplan is perfect for hosting guests. The spacious backyard with stunning pool is perfect for hosting BBQ's and enjoying the AZ sun! Prime East Mesa location near the 24, shopping and dining! Don't miss out on this one today!

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4886 W Hunter Trail San Tan Valley, AZ 85144

$563,090

5 Beds

3 Baths

2,926 SqFt

Status Active

MLS # 6780940

Property Type Single Family Residence

Price Type --

The perfect blend of functionality comes to life. This stunning home boasts 5 bedrooms, 3 baths, home office, bonus space and walk-in closets, ensuring that there's room for everyone! The island takes center stage, serving as a workspace or a social hub where family and friends can gather. Whether you're preparing a gourmet meal or enjoying a family breakfast, the kitchen is designed to be a culinary haven. Dark Umber cabinets, granite counter tops with a generous amount of wood look tile! Stepping outside, the 3-panel sliding glass door offers an additional living space that seamlessly extends the indoor experience. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind

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2023 W Rancho Drive Phoenix, AZ 85015

$563,000

5 Beds

4 Baths

2,717 SqFt

Status Active

MLS # 6766472

Property Type Single Family Residence

Price Type --

Central Phoenix home with a lot of character in a prime location that is walking distance to the Valley Metro Rail Station and the Spectrum Mall while being minutes away from I-17! This house includes a 500 sq ft guest house that has a separate entrance with full bathroom, huge living area, kitchen cabinets with separate heating and cooling unit. The guest house would be a great Airbnb, VRBO, or an in-law suite! If you have a green thumb, this house is for YOU, it offers lots of tree and vegetation: 2 mature orange trees, pomegranate, peach, tangerine, blood orange, 5 grapevines, artichoke, and rosemary. The house has a sustainable front and backyard with a distinctive water fountain and a wood crafted entry door. The main house features hand-carved Cantera stone, slate flooring, double-sided fireplace and 3 skylights throughout the house. Chef's kitchen boasts granite countertops, huge breakfast bar for additional seating, and stainless steel appliances. Walk-in closet, steam shower, jacuzzi tub and double vanity sink makes for a great master suite! All bathrooms have stone tile work from floor to ceiling with inset mirrors. The backyard of the home is very unique and features a fountain, fully mature orange tree, raised concrete trellis area, and outdoor fire-pit! Extended driveway, RV GATE, and a GARAGE! NO HOA! HURRY, this one won't last long!

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41355 N Eliana Drive San Tan Valley, AZ 85140

$563,000

5 Beds

3 Baths

2,880 SqFt

Status Active

MLS # 6765240

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this beautifully updated home! The interior boasts a neutral color paint scheme and fresh paint. The kitchen is a chef's dream with an accent backsplash, convenient kitchen island and a walk in pantry for ample space. The primary bathroom is a sanctuary featuring double sinks, a separate tub, and shower. The primary bedroom is complete with a walk-in closet. Outside, enjoy the low maintenance landscaping, a covered patio perfect for entertaining, and a fenced-in backyard for added privacy. The home also features partial flooring replacement. This home is a must-see!e!

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3102 W T Ryan Lane Phoenix, AZ 85041

$563,000

4 Beds

2.5 Baths

3,182 SqFt

Status Active

MLS # 6760028

Property Type Single Family Residence

Price Type --

Two-Story Home with Large Lot and Loft! Welcome to this stunning two-story home, perfectly situated on a large lot. This spacious 4 bedroom, 2.5 bath residence features an open-concept design ideal for modern living. The main floor boasts a large living room with abundant natural light, a gourmet kitchen with an island and walk-in pantry, and a formal dining area that opens to the backyard. The private master suite is located on the main level, offering a luxurious en-suite bath with a walk-in shower, soaking tub, double vanity, and a spacious walk-in closet. Upstairs, you'll find 3 additional large bedrooms and a versatile loft area—perfect for a second living room, media room, or home office. The expansive backyard is perfect for outdoor entertaining, & room for a pool and more...

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2738 N 217th Avenue Buckeye, AZ 85396

$562,997

3 Beds

2.5 Baths

1,997 SqFt

Status Active

MLS # 6748415

Property Type Single Family Residence

Price Type --

This is a to be built home -- 6/7 months build time. Welcome to your 3-bed, 2.5-bath home with a 3-car tandem garage, located in Sienna Hills next to Verrado, nestled on The White Tank Mountains for privacy and views. With a North/South orientation, this energy-efficient home features cutting-edge SPRAY FOAM insulation and an electric car charger outlet. Enjoy granite countertops, a pot filler over the stove, paver driveway, 8' overhead garage door, and a double gate on a 10' side yard for your off-road toys. The 12' sliding glass wall seamlessly connects indoor and outdoor living. HOA dues include a pool, jacuzzi, clubhouse, and gym!

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7 E La Vieve Lane Tempe, AZ 85284

$562,900

2 Beds

2 Baths

1,794 SqFt

Status Active Under Contract

MLS # 6768838

Property Type Single Family Residence

Price Type --

Two bedrooms and Den - Completely re-done and in excellent condition. Small yard to take care of. Dual pane windows - Almost new A/C unit top of the line* Kitchen and baths have been upgraded - Roll in Shower in Master Bathroom* Kitchen is to die for* Refrigerator, washer & dryer included. Ready to move in. Bright, cheery and vaulted ceilings Community Pool in Warner Ranch for your enjoyment and closed to all freeways, restaurants and shopping. Come look....

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4656 E Laredo Lane Cave Creek, AZ 85331

$562,500

3 Beds

2 Baths

1,314 SqFt

Status Active

MLS # 6775740

Property Type Single Family Residence

Price Type --

No detail was overlooked in this immaculate and lovingly maintained - BETTER THAN NEW - single-level home in the highly sought-after, gated Dove Valley Ranch! Surrounded by desert preserve, this three-bedroom home features mountain views, an open-concept floor plan, and low-maintenance, worry-free living. Interior features include neutral tile flooring throughout, granite countertops, a gas stove, a renovated primary bathroom, plantation shutters, vaulted ceilings, and more. Step outside to find manicured desert landscape, a covered patio, and unparalleled views of surrounding mountain vistas and natural area open space. Beyond your new home, enjoy one of North Phoenix's finest public golf courses, a clubhouse bar/lounge, and easy access to first-rate schools, parks, hiking, & more. Roof 2019, HVAC 2015, water heater 2016, whole-home water filtration system... the list of thoughtful updates goes on. Come see your new home today!

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4330 Copperhead Drive Wickenburg, AZ 85390

$562,500

2 Beds

2 Baths

1,873 SqFt

Status Active

MLS # 6769355

Property Type Single Family Residence

Price Type --

Discover a home that balances comfort and character in the coveted Lone Star neighborhood. This exceptional residence welcomes you with a warm, rich color palette, setting a relaxed and inviting mood throughout. Large rooms flow seamlessly across the tile flooring, while plantation shutters add a touch of elegance. The kitchen is a highlight, featuring a gas cooktop that makes cooking a pleasure. And with an owned wired alarm system, peace of mind is built right in! Out back, the space is designed for year-round enjoyment. Gather around the gas fire feature on cooler evenings, fire up the built-in BBQ, or relax under the shade of the pergola while taking in the desert air. It's an outdoor space made for quiet moments and lively get-togethers alike, with thoughtful details that invite... you to unwind. The extended-length 3-car garage isn't just practicalit's a well-organized space with attached shelving, providing room for vehicles, gear, and projects. It's the kind of garage that offers flexibility, whether you need extra storage or room for hobbies. This home at Wickenburg Ranch is all about easy living, with spaces that invite you to make them your own. It's a place where the details matter, offering a lifestyle that feels as good as it looks, ready to become your next favorite spot.

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4207 E Ford Avenue Gilbert, AZ 85234

$562,500

5 Beds

3 Baths

2,370 SqFt

Status Active Under Contract

MLS # 6753341

Property Type Single Family Residence

Price Type --

INCREDIBLE ORIGINAL OWNER UNIQUE 5 BDR home in the HEART OF GILBERT. This Fulton Home features a vaulted ceiling great room with LARGE KITCHEN and tons of NATURAL LIGHT. Upstairs features primary suite + 2 additional bedrooms and full bath. Short steps down from great room features full FLEX SPACE, 2 additional bedrooms and a 3rd full bath! REAL WOOD FLOORS and tile throughout. BRAND NEW ANDERSEN WINDOWS, + AC & ROOF REPLACEMENT COMPLETED. Backyard features gardeners paradise: Pears and Pomegranates nearly ripe; Tangerines, Lemons and HUGE Ruby Red Grapefruit Tree, Katy Apricots and Figs in the Spring/Summer. Incredible fruit bearing grape vines on the west side and shade tree + paver patio provide the PERFECT BACKYARD CANVAS. Neighborhood park just down the street. Stop by today!

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4919 W Hunter Trail San Tan Valley, AZ 85144

$562,490

5 Beds

3 Baths

2,776 SqFt

Status Active

MLS # 6776898

Property Type Single Family Residence

Price Type --

NEW HOME! The perfect blend of functionality comes to life. This stunning home boasts 5 bedrooms, 3 baths, bonus space and walk-in closets, ensuring that there's room for everyone. The island takes center stage, serving as a workspace or a social hub where family and friends can gather. Whether you're preparing a gourmet meal or enjoying a family breakfast, the kitchen is designed to be a culinary haven. Umber dark cabinets and granite counter tops with a generous amount of wood look tile! Stepping outside, the 3-panel sliding glass door offers an additional living space that seamlessly extends the indoor experience. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

View Property