Professional House Inspections

Since the entire deal could be riding on the professional inspection of the home, don't cut corners when it comes to the house inspection -- and never skip it altogether. Even with new houses, there can be hidden problems that only a professional inspector may find. These inspections cost anywhere from $200-$500 and are well worth it.

If you are getting an FHA or VA loan, you will also have to have an additional inspection. (Don't let that one be the only inspection you get, however, because it may not be as thorough as a full-blown inspection.) Your offer should be contingent on the results of the professional inspection. This means that if the inspection turns up something like really bad termite infestation or cracks in the foundation, you can back out of the contract, OR you can have the seller repair the problem to your satisfaction.

When looking for an inspector, make sure you hire someone with experience who is certified by the American Society of Home Inspectors. Inspectors with this certification follow a standard of practice that will help let you know if the home you're buying is in the best shape possible or needs repair.

The types of things the inspector looks at are defects that affect the value of the home o make it unsafe or less livable for whatever reason. Leaky appliances, damp basements, plumbing problems and other defects are some of the problems that can be turned up by a good inspector. You should accompany the inspector when they go to inspect the house. Ask as many questions as you can and make sure you get a copy of the results.