Before you sign on the dotted line and buy a new home, experts will perform a home inspection to check for both minor and major signs of disrepair. To avoid becoming saddled with a money pit, it’s important to do your due diligence and inspect this report with a fine-toothed comb. Better yet, you can be present before and during the inspection and ask critical questions during the process so you’re fully aware of all issues. Even if it means taking off work or arranging for a babysitter, this is one part of the home buying process you’ll want to be around for.

Here are five important considerations to keep in mind as you journey through the inspection.

1. Which home inspector should I use?

These days, you can ask around on social media to your friends and family and receive the contact information of a handful of local home inspectors. Your real estate team can also recommend professionals they typically partner with. Then, you’ll likely just call those sources up and ask them when they can perform the work. While that might be a common route that most prospective buyers take, it’s important to back up just a little before scheduling the appointment.

First, ask each inspector to list the qualifications of their team. How long has the company been in business? Do they have any referrals or customer feedback they can provide you? Also check to see whether they do this work full-time or as a part-time side gig. While the latter isn’t necessarily a deal-breaker, someone who does this kind of job on the side is usually someone in the real estate realm, such as a renovator, who can spot glaring issues but might miss more discreet ones. Check to make sure the inspector is also qualified and experienced in the specific kind of home you’re looking to buy. If you’re satisfied with all of the answers, you can move on to the next step.

2. What are the major concerns?

Before you can analyze the smaller issues, you’ll want to be aware of the major ones that can make or break a potential home buying deal. For instance, you know asbestos is a no-no, but there are steps you can take to abate it safely, and your home inspector should know the process forward and backward. You’ll want to ask if the asbestos can or should be removed immediately, or if it’s better to leave it as-is, without disturbing it. Knowing the answers to these types of questions can often help you negotiate with the sellers if there are steps that need to be taken (and paid for) immediately to ensure the home is safe.

You’ll also want to be on the lookout for mold. While it’s often obvious in areas such as on the walls, baseboards and ceilings of a home, it might also be hiding around attic beams and other hard-to-reach areas. If you do spot mold, depending on the scope of the issue, you may be required to remove drywall and undergo a major repair. Or, you may just need to clean the area with bleach and add a ventilation source such as a vent.

3. Is this a risky undertaking?

Say you’ve found a great deal on a foreclosed home. It’s priced well below market value and in a great location. You think you’ve hit the jackpot, but then your wheels start turning. Is this a good investment or are you entering into a situation that will end up costing you far more than you originally realized?

When a home is foreclosed, that may signal that the owner was unable to keep up with its payments, or unwilling to do so. Often, though not always, this translates into the owner’s upkeep of the home as well. As such, many foreclosed homes might look OK on the outside but require major renovation on the interior to remedy years of neglect. One area to focus on: the plumbing. If pipes haven’t been used in a while, myriad issues can occur. Check that there are no obstructions or objects in the piping, fixtures aren’t leaking and all older clay pipes are all there. Moreover, if there are copper fittings, check to make sure these are intact as well and haven’t been removed from the vacant property.

Keep in mind that if you do run into any repair issues during your foreclosure inspection, the bank isn’t required to fix them. Still, finding evidence that major updates are needed can be a great negotiation tactic that can often yield a lower selling price. The one exception? When banks sell a foreclosure “as-is” and turn down a home inspection request.

4. What should I look out for in an older home?

Older homes can be big on character and charm. Unfortunately, they can also be big on problems. Their beams and pipes have been around longer and as such, have been exposed to more wear, tear and grime. The foundation has also been present for decades and as such, is more vulnerable to infestation or decay. If the home has existing wiring, this is also a concern, as older forms of wiring, such as knob-and-tube types, can easily fray and lead to fire concerns.

Before buying an older home, make sure you’re aware of all of its issues and any short-term and long-term updates or repairs you’ll need to make. These can be some of the most rewarding projects once they’re finished, but the process can be long and exhausting, so make sure you know what you’re getting into and how much it will cost.

5. What is the condition of the HVAC system?

One of the most commonly updated systems in a home is its HVAC one, or its furnace/boiler units. Your inspector should carefully evaluate the maintenance stickers affixed to each. If the previous owners had to make multiple service calls over a short-term period, that could be a sign that the system requires a large amount of upkeep and may be on its last leg.

Know the lifespan of these types of units before you buy so you can determine how soon you’ll need to invest in a replacement, which can be a major financial undertaking. The same goes for water heaters. While a mid or high-efficiency furnace unit will last you around 15 years or so, a water heater of the same quality will only last around 10 years, while an A/C system has a lifespan of around seven years or more. If yours is on year six, keep that in mind when negotiating your asking price.

The Bottom Line: The Importance of a Thorough Home Inspection

Home inspections aren’t cheap, but they are vital parts of the home buying process. If you’re going to shell out the money to cover one, it’s important to be as present as possible the entire time. Take notes, ask questions and listen carefully so you’re aware of everything you’re up against. Once you do, you’ll be better able to assess if the home of your dreams is worth the time, money and resources it will require to fix any outstanding concerns. If the answer is “yes,” then welcome home!