What a Home Inspection is Not...
A home inspection is not an appraisal, and vice versa.
An appraisal is the formal process of estimating a property's value as it relates to a mortgage loan or mortgage insurance. It does not itemize defects or reflect potential problems in the home. Even a CMHC appraisal does not fully attest to the condition of the home. To ensure an objective evaluation of a home condition, many lenders encourage home owners to use private inspection services, and some employers reimburse home inspection fees as part of their relocation programs.
A home inspection report is not a warranty.
Because a home inspection is a visual examination of the home and operating systems, it is not technically exhaustive. There is no assurance, expressed or impled, that equipment will not break down at some future date. However, such protection is available when a home inspection is complemented by a home warranty. When the services are used in conjuntion with one another, a home warranty covers the items that were serviceable at the time of the inspection and subsequently fail due to normal wear and tear.
A home inspection does not detect every conceivable flaw.
It is an inspection of those areas and items that can be seen. Home inspectors cannot see through foundation, floors, or walls, and cannot inspect areas or items that are inaccessible and generally do not move furniture.