8) Know the language

One key misconception about a home inspection is that the inspectors will give your home a "pass" or "fail" grade. They won't. The inspector will classify the condition of each inspected component, but even if every component is deemed to be a "safety hazard," there will be no "fail" grade at the end of the report. The report will only advise you on what parts of the home are red flags. Here are some of the classifications dealing with damage an inspector will assign:

In need of repair: The component does not adequately perform its intended purpose. For example, a loose shingle on the roof.
Fully depreciated: This means a component is at or near the end of its life span. For example, a worn roof that needs to be fully replaced rather than just have loose shingles patched.
Safety hazard: This is the worst a component can be classified. It means that the component is deemed by the inspector to be unsafe, or may cause significant risk of personal injury or property damage during normal use. For example, a crack in an oil tank.