Hiranmayi has been a finance associate editor at Earned Media (part of the Dotdash Meredith publishing family) supporting Investopedia and The Balance since February 2022. She joined Dotdash Meredith in March 2021 as a staff writer for the centralized finance desk, and wrote daily personal finance articles across several Meredith lifestyle brands including Real Simple, Better Homes & Gardens, Parents, and Health.

Getting a home inspection is an important part of buying (or even selling) a home. Home inspections are not always required—nor are they the same thing as an appraisal. An appraisal is done to determine a home's market value, and is almost always required when taking out a mortgage.

A home inspection, on the other hand, determines whether there are any structural issues in the home (and outside of it). Yes, getting a home inspection will cost you (the average cost is $300 to $450 according to Bankrate), but the few hundred dollars can potentially save you a lot of money down the line.

"In this super-competitive housing market, waiving a home inspection can be appealing for buyers seeking to make their offers more attractive to sellers who have plenty to choose from—but buyers do so at their financial peril," says Clare Trapasso, real estate expert at Realtor.com.

Home inspections can be especially important for first-time homebuyers—you don't want to buy your first home and then spend thousands of dollars on major repairs that an inspection could have helped you avoid. Also, it could help you negotiate the repairs or the price of the home with the seller.

Trapasso says that things such as a cracked foundation, roof problems, and electrical and plumbing issues may not be visible to the naked eye in listing photos or during a home tour. "These problems can set new homeowners back tens of thousands of dollars on top of what they're paying for the house and closing costs," she explains. Plus, buyers who waive home inspections and then find things wrong with the property might not be able to back out of a deal without losing money, warns Trapasso.

A home inspection can be important if you're looking to sell your home, too. It can help you get ahead of any big repairs or maintenance issues before listing.

Here is a checklist that can help guide you as you look at a home, and ensure you're looking at all parts of a property. While it does not replace an actual home inspection by a certified professional, it can help you prepare for what an inspection entails.

Fences, sheds, decks, detached garages in good condition

Straight, plumb, no significant cracks

No cracking, curling, loose, rot, or decay

No cracks in joints No broken, spalling or flaking components

No large cracks Discuss all stucco cracks with a professional inspector

No dents or damage No bowing or loose siding

Secure, no cracks, rot, or decay

No broken glass (window or storm panes) or damaged screens No broken double-paned, insulated window seals

No curling or cupping No loss of granulation particulate No broken, damaged or missing shingles No more than two layers of roofing

No mold, rot, or decay No cracked, broken, or missing shingles No curling

No obvious patches, cracks, or splits Minimal blisters, "alligatoring," and wrinkles No silt deposits (indicates improper drainage) Sealed tar at flashings

Vents are clean and not painted over

No decay or rust Joints are sealed and attached securely to structure No bending or sagging No sections of gutter or downspout missing Gutters clean, no mud deposits

Straight, properly flashed No evidence of damaged bricks or cracked joints Mortar/cement cap in good condition

Moisture barrier installed closest to the heated area of the house

Clear path into attic for air entering through soffit vents Adequately sized gable end louvers All mechanical ventilation operational

No broken glass No sashes painted shut No decay Windows and doors have weather-stripping, "weep holes" installed

No damage or decay No broken hardware

No cracking or damaged masonry No evidence of staining on fireplace facade Damper operates properly Flue has been cleaned, and is lined

Drains properly, no leaks Baskets and door spring operate properly

Doors and drawers operate properly

No rocking No stains around base

No stains or major cracks No flaking or efflorescence

No sagging, damage, decay, or stains No damage from insects Sills attached to foundation with anchor bolts

Installed with vapor barrier towards heated area

No damage, no evidence of leaks No signs of stains on materials near pipes Drain pipes slope slightly down towards outlet to septic/sewage system

No signs of rust Vented properly Sized to produce adequate quantities of hot water for the number of bedrooms in the house

In good condition, no "knob-and-tube" wiring No exposed splices Cables secured and protected

Adequate capacity All cables attached to panel with cable connectors Fuss or breakers are not overheating

Good air flow on forced hot air systems

No open seams, slopes up to chimney connection

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