Finding the right fit is as important as having the right budget when it comes to home ownership. The survey found that about half of millennials had regrets about the home itself.

One in five said they were frustrated by damages they found after moving in, while others said they discovered the house didn't end up working well for their family.

To avoid unexpected expenses, experts recommend getting a home inspection before finalizing the sale. "Especially if you're a first-time buyer or new to home ownership, you may not even know what to look for, so you definitely want to have the expert on your side," Hale says.

It can also help to nail down what you really need in a home. Make a list of your must-haves before you start looking and know what you're willing to compromise on, Hale says. It's currently a very competitive market, so chances are, you're going to have to make compromises.

In fact, about two-thirds of home buyers reported compromising on some sort of home characteristic, according to a survey from the National Association of Realtors[1].

"The more targeted your search is," Hale says, "the more chance you won't waste your time or get distracted by homes that ultimately aren't a good fit for you." Follow this advice, and you can avoid purchasing a home that you regret.

Don't miss: How an often overlooked part of owning a home can cost you an extra $6,000 or more a year [2]

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