How first-time homebuyers can protect their budget

Millennials are dominating the housing market for the fourth consecutive year, according to research from the National Association of Realtors (NAR). However, 49 percent of Millennials don’t have the necessary funds set aside to cover a $500 emergency expense.

An unforeseen expense can be a crushing blow to a budget. That’s why homeowners — especially first-time Millennial buyers — should take steps to protect themselves from the unexpected.

Unanticipated expenses are almost guaranteed to occur. As David Bach writes in his bestseller "The Automatic Millionaire" -- "No matter how well you plan or how positively you think, there are always things out of your control that can go wrong."

Protecting your home and budget:

A FedEx truck might accidentally back into your house, leading to a $900 gutter repair bill. The air conditioner or washing machine could break. You may discover that your neighborhood is prone to power outages, so you’ll need to invest in a pricey backup generator.

Unexpected costs like these can wreak havoc on a budget, but preparing for them can go a long way toward protecting yourself. Here are a few steps first-time buyers should take in order to help keep their budget intact.

Continue Article Here...