Houses built before 1978 may contain lead paint. This may cause problem especially if you have a child.
Roof repair is one of the costliest repair jobs. To this end, try to determine the remaining life of the roof.
Ventilation in the attic area is important. Better ventilation means longer life of your roof.
Make sure that the property is not in an areas subject to flooding and inclination of the land does not cause wet foundation problem. You can visually determine this by looking at the elevation of the soil around the property.
Homes build in 1960's and 1970's may have aluminum wires. Aluminum wires may cause fire due to overheating. They should be replaced by a licensed electrician. How can you differentiate the types of wires? Aluminum wires have silver white in color while copper wires are reddish.
Old homes may have lead or galvanized steel water pipes. They need to be replaced for health reasons. Lead is a well-known poison, especially for children.
Some furnaces, especially those horizontal ones placed in the attic have caused fires in the past. There is a long list of such furnaces that have been recalled. They should be replaced.
Earth-wood contact causes rot and insect penetration. You need to periodically check the status of such locations to avoid insect or termite infestation. You can observe termite infestation if the wood material has surface damage but you cannot see such damage if it is inside.

Do-it-yourself or professional home inspection?

Learning all of the details of inspecting a home takes time, and money, of course. An independent, third-party professional home inspection is not expensive and may give you a peace of mind. It is a requirement if you are buying a property. The decision is yours.

Attending a home inspection will be a good learning experience for you. You may take note of important inspection tips and continue to periodically check such critical issues after you own the property. Maintaining your foreclosure real estate property pays off when you sell it.