Myth #1: Renovations always get you a high return on your investment. Unfortunately this isn’t the case. Usually a renovation will only be partially paid back upon selling. For example, the project with one of the highest returns is a minor kitchen remodel, which has an 80% ROI. Meanwhile, a major kitchen remodel’s ROI sits at around 60%. So make sure when you renovate and update, you do it for yourself first – and for resale second.

Myth #2: DIY is more affordable than hiring a professional. If your potential DIY is a relatively simple project that involves tools and materials you have access to, then indeed it could save money. But pros are pros for a reason – they know what they’re doing, they have access to everything they need and they do it right the first time. All of which is more affordable than trying to fix it yourself, only to end up having to hire a professional later.

Myth #3: Fixing something is cheaper than replacing it. If a repair isn’t done properly or is just a temporary solution, you’ll only have to fix it again later – or outright replace it. Sometimes it’s better to replace it from the get go, which will save you money – and time.