We all look for "hidden costs" when we buy things.  You don't want to pay good money only to find you have to pay another 5%, 10%, 25% to get a job done. Well, "hidden costs" take on a whole new meaning in home inspections. Hidden costs can cost you an additional 1,000% in repairs.  You may think that one home inspection is the same as another, and if you can save money, so much the better. The 'hidden costs" can be thousands of dollars and probably tens of thousands of dollars from having a home inspector who isn't competent in all disciplines of house building or is technically in some other line of work. The expense of overlooked issues by someone who doesn't recognize potential problems is staggering.

Home inspections usually are conducted during the option period of a sale, a roughly 7 to 14-day period in which the buyer has entered into a contract, but hasn't purchased the home. If an inspection uncovers defects, buyers usually request that the seller make repairs or lower the asking price. If an agreement can't be reached, buyers can still walk away.

Buyers should pick an expert inspector before the option period to give themselves as much time as possible to make important decisions if defects are discovered.  It's a good idea for people to do a walk-around with the home inspector after he has concluded his inspection of the property to see defects first-hand and develop a thorough understanding of why certain repairs are needed.

When it comes to newly constructed homes, some buyers and Realtors assume the properties won't have defects and don't require inspections. That's a mistake.  Serious issues are frequently found in new homes including unfinished plumbing, it's the one time you can get the builder to fix everything you've found.  I've often found more issues in newer homes than some of the older ones.

And just because a home supposedly meets building code standards and often they do not, it doesn't mean the house is defect-free. Building inspectors are only inspecting to a baseline standard and don't usually go on roofs, into crawl spaces or inside attics, making quality home inspections even more of a necessity.

Buyers also should make sure to get inspections of so-called “as is” properties, such as those purchased through foreclosure. If a home is sold “as is,” the seller doesn't have to disclose anything as he probably doesn't know and does not warranty the condition of the property.  You don't know what ‘AS IS' is.

Excerpt from recent article in Montreal Gazette on Mike Holmes Inspections: 
Many of us are guilty of hiring a cheap inspector when we buy a house. This irritates Mr. Holmes tremendously, so much that he’s begun to colonize the inspection industry. He launched Mike Holmes Inspections in February 2009, as a pilot project. The mission: to make every single house right. (This should really rankle charlatans on the beat.) His company offers a range of property services — a basic package ($395) includes an examination of your home’s foundation, roof, electrical and plumbing. “The base inspection provides a thorough, fully documented report with photographs. It’s much better than industry standard,” Mr. Holmes says. The full monty — or in Mr. Holmes’s parlance: “the infrared thermographic scan” ($695) — detects thermal defects and air leakages in building envelopes, so you can finally stop wondering why your bedroom feels like the arctic tundra in winter and the Sahara in summer.