Pre-purchase inspection is crucial.

The new owners of a $300,000 home watched in disbelief as their septic tank failed days after they moved into the house and water backed up in drains and toilets. They had to spend almost $7,000 before the condition was corrected. A thousand miles away, a young couple purchased their first home only to discover that the roof--which they thought was relatively new and in good shape--leaked and required replacement. In yet another city, inadequate roof insulation in a 10-year-old home left its new owners hot in the summer and cold in the winter.

The risks involved in buying a previously owned home run the gamut from a simple, relatively inexpensive problem such as additional roof insulation to an expensive horror story like the house with the bad septic system. Nevertheless, this year alone, more than 4,000,000 families throughout North America will be willing to take those risks in order to have a home of their own.

Accordingly, the importance of a pre-purchase home inspection can't be overestimated, and the intelligent home buyer no longer can consider it a mere formality. "A comprehensive home inspection may be the single most important step a buyer makes before completing a contract to buy a previously occupied home," points out Kenneth T. Austin, chairman of HouseMaster, the nation's largest home inspection company. It should consist of a two-hour or more examination of structural, mechanical, and electrical elements, from top to bottom, inside and out.

"A good inspector will be equipped with all the tools and equipment necessary to do a through job. In many instances, an inexperienced home inspector will attempt to complete an inspection with just a flashlight and screwdriver. A professional inspector should, however, be armed with all the necessary equipment, including an expandable ladder, volt meter, amp probe, moisture meter, and even boots and binoculars, when necessary."

If there are major, costly problems in a house, such an inspection should uncover them. Just as important, it can provide the consumer with a through analysis of the condition of the house--what is in good working order, what requires immediate repair and replacement, and what will need attention over the next few years.

Most reputable inspectors invite the buyer to accompany them during the inspection procedure, Austin indicates. "We encourage our customers to come along and we provide them with an inspection workbook so they have something to jot down questions...