An objective fault-finder.
The home inspector is an objective third party who essentially gives your house a complete physical. He or she examines the property you're interested in with a fine-toothed comb, reporting on the condition of the structure and systems of the house, such as:
Plumbing
Electrical
Foundation
Heating and air conditioning
Termites and other pests
Dry rot
Boat docks
Sea walls
Pools
Keep in mind:
Ask the inspector to provide a sample report. Make sure it's legible, descriptive, and approaching the length of War and Peace. Seriously! Good reports are mini-booklets of information about your home, not just a series of checked or unchecked boxes.
Find out what elements of the house are and are not included in the inspection.
You should try to be on site during the inspection. You'll learn things about your house you may never know otherwise, and it's a great opportunity to ask questions.
Talk to previous clients of the inspector who have owned their homes for a year or so. Find out if the inspector missed anything significant.
Don't consider your inspection a guarantee or warranty, but simply the best information possible at an affordable cost.
You may need to hire additional inspectors to check for termite damage and to inspect your roof. They will be licensed in these specific areas.