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While often confused by first time buyers, a "Home Inspection" is different from an Appraisal.

An appraisal is an estimate of what a particular house may be worth in a given community at a particular time. If that seems a little fuzzy, that's because it is. There are many variables: Time, Demand, Economic conditions, to name just a few. An appraisal is required by lenders to establish that the property actually supports the price being paid and that there is value should the mortgage on the property default.

A home inspection is a detailed look at this particular home's condition. It is not concerned with how this home compares to others. Lenders require one to determine that there is no hidden defect that is going to cause the house to fall over, for example, the day after the new mortgage is in place leaving them (and you) stuck with a large loan on a property with no value.

No less serious is the need to be aware of defects that will compromise the home's value, purchase price or loan amount. This knowledge will help you determine whether there are repairs necessary to meet safety standards or local codes. It will allow you to make an informed decision about whether making those repairs is something you are even interested in, about getting those repairs made before closing or how much credit you should expect on the purchase price to make up for costs to cure the dificiencies identified. The inspector will be able to make a well educated guess about the cost of repairs.

This also means that you will do well to make sure that your purchase contract is contingent upon a home inspection that is satisfactory to you - the buyer. You'll want to define this very carefully with your realtor or attorney.

The list of things that your home inspector will look at also makes great checklist for you when taking a critical look at the home you are thinking of buying - sort of a personal pre-screen. Use this checklist to be certain you have given the house a thorough once over.

Here is what your home inspection should cover:
Note: A good home inspector will be able to find minor flaws in pretty much any house.
It is a good idea to be present for the home inspection. The inspectors often have hints and tips for home and home systems care and maintenance. It is a good idea to make your purchase contract contingent on meeting an acceptable condition.

• Termites: Looking for evidence of termites and of damage to the home or foundation. Click to learn more on what this can mean to you.
• Radon: An odorless, colorless and cancer-causing, radioactive gas. Radon is released from the earth and rock in most parts of the country. According to the EPA, all homes should be tested. see Click here to learn more about Asbestos hazard.
• Siding: Looking for dents, holes or buckling, loose or missing panels, peeling paint.
• Foundations: Looking for cracks, water seepage or bowing.
• Exterior Brick: Looking for missing and cracked bricks or mortar that's missing or pulling away from bricks.
• Insulation: Looking for condition, adequate rating for climate (the higher the R value, the more effective the insulation is), and compliance with local codes. Click here to learn more about home insulation.
• Doors and Windows: Looking for loose or tight fit, any sign of air infiltration, condition of locks, condition of weatherstripping.
• Roof: Looking for age, condition of flashing, pooling water, buckled shingles, or loose gutters and downspouts.
• Ceilings, walls, and moldings: Looking for cracks, loose pieces, dry wall that is pulling away, peeling or discolored paint indicating leaks, lead-based paint.
• Electrical: Looking for condition of fuse box/circuit breakers, check that all outlets and light sockets work, and compliance with local codes.
• Plumbing: Looking for poor water pressure, banging pipes, rust spots or corrosion that indicate leaks, sufficient insulation, and compliance with local codes.
• Water Heater: Looking for age, size adequate for house, speed of recovery, energy rating.
• Furnace/Air Conditioning: Looking for age, energy rating. Furnaces are rated by annual fuel utilization efficiency; the higher the rating, the lower your fuel costs. Click here to learn more about Indoor Air Quality.
• Appliances: Looking for age and condition.
• Garage: Looking for exterior in good repair; condition of floor—cracks, stains, etc.; condition of door mechanism.
• Basement: Looking for water leakage, musty smell.
• Attic: Looking for adequate ventilation, water leaks from roof.
• Septic Tanks (if applicable): Looking for adequate absorption field capacity and for the percolation rate in your area. Click here to learn more about septic tanks/septic fields.
• Driveways/Sidewalks: Looking for cracks, heaving pavement, crumbling near edges, stains.
• Porch/Deck: Looking for loose railings or steps, rot and compliance with local codes.