What is the Value of a Home Inspection?

[Julie Marquez]

We are purchasing two homes on one lot. One home is built in 1991 and we will live in that one, the other home is 1924 and will be a rental. A home inspection is going to run us $750 and I'm wondering what exactly we get from an inspection. Will the inspector come up with repairs estimates so we can negotiate the final price?

If we don't have a licensed inspector draw up a report, and instead have a contractor come take a look, does that qualify for the inspection contingency on our P&S agreement? Or does the inspection contingency only valid by a licensed inspector? We don't plan on doing any remodeling, and from our visual walk through, everything seems up to date. My only concern is the age of the roof and that it will need to be replaced soon, and I'd like to get a roofer to give me an estimate and use that to negotiate. Does a roofing contractor qualify under the inspection contingency in the contract?

I don't see any glaring issues, and I'm not afraid of a little work, so what will the inspection provide for us, except just a report of it's current status?