The last thing any new homeowner wants to discover is that their newly-acquired dream home has serious defects. A property inspection is an absolutely necessary (and often legally required) step in the home buying process.

There are two general categories of property defects. The first is patent defects. These are blatantly obvious things that are visible to anyone who is not even trained in home inspection (i.e. flooded basement, cracked walls, water stains, etc.). The other category is latent defects. These are the hidden problems not visible to the untrained eye. They can include termite damage, faulty wiring, and safety hazards. These are potentially destructive and extremely costly defects that need to be disclosed to a potential buyer.

Should you spend $250. on a property inspection for a home that you might not end up buying? If you do, and you find out nothing is wrong with the home, you have paid for peace of mind. Conversely, if you skip the inspection process, you could find out later that your home needs $25, 000 worth of repairs--ten times the amount you would have invested for the inspection.

Whether a home is new, used (and more likely to contain defects), a condominium, or a townhome, your really need to have a home inspection to protect your potential investment.

The cost of the inspection will usually depend on the size of the property. It should include inspection of the roof, plumbing, electrical work, heating and cooling systems, the kitchen, bathroom(s), and foundation. Sometimes a property inspector will suggest further inspections by specialists, depending on a particular defect or parasite infestation.

If you invest in a property inspection before purchasing a property, be sure the owner knows that the offer you have made is contingent on the results of the inspection. Some necessary repair work costs might need to be negotiated. Also beware of  sellers who offer to provide home warranties or home protection plans. While you should not turn down such offers, do not accept them in lieu of a professional property inspection.