I consider a home inspection, performed by a certified and licensed professional, to be an integral part of the real estate home buying process. Unless you have the proper construction knowledge and repair experience yourself, you should NEVER skip having a property inspected. If the property has a private well and/or septic system you will also need those to be professionally inspected and certified. In addition, always have a wood-boring insect (termite) inspection, which many mortgage companies will require as part of their loan conditions. 
Even if you are buying the property with the understanding that you are buying it "as is" and agreeing to do any repairs yourself, it is important to have an objective identification of defects so you don't have surprises and unexpected costs after you obtain the property. Many times inspectors have spotted conditions and pointed out required repairs that far exceeded what buyers have estimated. This may cause the buyer to determine that they should not buy the property.
I have had transactions involving property requiring significant repairs, estimated to cost many thousands of dollars and, on top of that, it was found that the septic system required replacing and would cost at least $22K with no guaranteed top end. In that case, since the seller did not disclose the condition (had been living there for years with a large family and had no known problems), nor price the property accordingly, the buyer was able to obtain a significant credit at closing to compensate for that unplanned cost.
The most important thing to remember about home inspections is that your inspector’s job is to find defects for you. All homes have defects. Time, use and nature cause deterioration. Major appliances such as furnaces and water heaters wear out. Most defects are minor deferred maintenance issues. Sometimes defects are major, but almost all defects can be fixed. Your inspector’s job is to help you understand the extent of the defects so you go into closing fully informed.
Click here for a continued general discussion of home inspection basics and additional inspection resource links.
See also my related inspection blog articles.
Visit my web site for real estate services and support: http://www.lawrenceyerkes.com/
and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).
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