Millennials often get a bad rap, especially considering the fact that they're one of the first generations who are actually worse off financially than their parents. Still, Millennials, defined as someone between the ages of 21-34 are doing whatever they can to become home owners. Unfortunately, many of them are having major regrets after purchasing their first home because of the financial strain it is causing them.

A new survey done by Bank of the West found that 68% of Millennial new home buyers regret taking on such a big financial burden. The biggest issues seems to be that these home buyers wished they had done more research before taking the plunge. This is often the case with many home buyers, but when you're borrowing from your retirement savings to buy a home, you want to ensure you've done your due diligence to ensure that the home works for you. Of those surveyed, 44% had issues with the actual home they purchased, whether it didn't fit for their family or they discovered damage after the sale was done, while 41% say they felt they overspent and "stretched themselves too thin" with their down payment.

“Millennials are so eager to become homeowners that some may be inadvertently cutting off their nose to spite their face,” said Ryan Bailey, Head of the Retail Banking Group at Bank of the West. “The fact that nearly one in three millennials who already own their homes have dipped into their retirement nest eggs to finance their down payment is alarming.”

Many Millennials often don't take in to consideration the ongoing costs of home ownership as well and the added financial burden that can cause. “Borrowing from your retirement may make sense in special circumstances, but it’s definitely not a recommendation,” Bailey tells CNBC Make It.

The study shows that home ownership is still very important to Millennials, despite their regrets after the fact. The study found that for 56% of those surveyed, owning a home took priority over paying off their debt or retiring comfortably. It showed that 1 in 3 Millennials have used part of their retirement savings to fund their down payment, feeling that mortgage debt is almost a "rite of passage."

It's unfortunate that so many Millennials regret their home purchase, but in some cases better preparation could prevent the regret. Set an affordable budget and stick with it, but ensure you've allowed for not only for mortgage and bill payments but for any repairs that may pop up. Research the neighborhood to make sure it's a good fit for your family, and don't be afraid to walk away from a house if it doesn't fit your criteria.

READ NEXT: Millennials Are Going Off On Older Generations Who Stereotype And Point Fingers