Nearly nine out of 10 millennial homebuyers bought a property that was previously owned last year, as opposed to something newly constructed, according to the National Association of Realtors. About the same percentage are planning some kind of renovation, according to the 2018 Chase housing sentiment survey, and almost 70 percent estimate they will spend at least $20,000 on these projects.
Drew and Jonathan Scott, hosts of HGTV's "Property Brothers," are property and home renovation experts. Having supervised hundreds of projects, they've seen owners make their fair share of mistakes and end up with regrets.
"It's not a good feeling when you realize that, in hindsight, you put a bunch of your hard-earned money into the wrong place," Jonathan tells CNBC Make It.
Getting a home that needs work and then taking on the improvement is definitely one way to stretch a budget. "You're not going to pay that maximum price for all the work someone else did, you'll put that sweat equity in yourself," Drew says.
But before you pick up the hammer or schedule an appointment with a contractor, the Scott Brothers suggest you make a plan to avoid these extremely common home renovation mistakes.