Home inspections are a waste of money?

Does this seem like a bold statement that can get me into trouble?

It probably is.

Since I am an agent who sees about 10 investment properties a week, my opinion might be different from people who are buying 1 house to live in, and are only doing it every 10 years.

Let's do a quick summary of what inspectors do on a 3 family in Worcester, and what they don't do.

Do:

Outside

Look at the roof and determine approximate age

Check the chimney

Look at siding(paint), soffits, fascia, window frames, to see if it has any issues

Look at the decks and foundation to see if there are any issues

Check the gutters and downspouts to see if they drain appropriately

Basement:

Check the foundation

check the main beam, sills and floor joists

check the heating systems to determine age and if they are working

check the water heaters for age and if they are working

open the electrical panel to check if there are any double tapped breakers, or if there is rust

Units:

Check for leaks under the sinks

check to see if the toilets are secure

check all the outlets to see if they are wired correctly, and if there are enough

check all the windows to see if they open/close and have the appropriate hardware/locks

check the thermostat to see if it turns on the heat

check the appliances to see if they function

look at flooring to see if there are any hazards

What don't they do:

Tell you how much it cost to fix things

When we look above it looks like there are a lot of things they are doing and it will take a long time.  That is why you are paying them $500-700 for a 3 family.

As a multifamily agent, I am checking 90% of these things instinctively while I preview the property.  

Think about it, if the roof looks old, it is probably old, if the siding looks bad, it probably is, if the windows are original from 1920 you need to replace them.  If the heating system is rusted, it is on its way out.  If you see fuses or a rusted electrical panel, you have issues there.

The biggest issue in these buildings in Worcester is the Electrical.  I can't tell you how many times I have been to a home inspection where the inspector missed the Knob and Tube wiring and I had to point it out to them.  

Why not take your $500-700 and fix things as they come up on your renovations?

The choice is yours