You won’t get a warrenty from the seller on an existing home. New homes, you generally get 12 or 24 months, or possibly “4 seasons” of warrenty.
As far as minnesota laws, and maybe Red Rock Eyes can chime in here (he is a realtor for MN and WI), is that a MN homeowner who is selling their house must disclose all problems that have occured during their ownership.
A home inspection will tell you all the problems with the home (via: elec, plumbing, heating, roofing, walls, foundation, etc). Once a home inspection is completed, the seller must disclose that (if the seller has the inspection performed) to all people who look at the house.
If a buyer has an inspection done and problems are found, the seller must disclose that inspection. However, the inspection is done at the cost of you, the potential buyer. If you choose to buy or not buy the house, you are stuck with the cost of that inspection.
If you are fairly mechanical or have some good knowledge of homes, you can skip the inpection. I DID NOT have an inspection done on the house I purchased. However, I did crawl through the house with a fine tooth comb prior to purchasing.
I would say that when it comes to an inspection, do what you feel most comfortable doing. However with homes newer than 20 years, you can probably get away without doing one and be sitting “good enough”.
With homes older than 20 years, I would recommend getting one done, primarily to find out the current status of the electrical, heating/plumbing, and the general condition of the foundation/roof.
Again, in Minnesota, the seller has to disclose any problem that has occured in the past. So, any water problems or sewage back up problems will be disclosed. Those are your major concerns.
As far as being your own General Contractor, I highly recomend too, that you don’t go that route for the following reasons:
1) It is very, very difficult to get any bank to back your play, when you, an “unexperienced, unlicensed” contractor wants $200,000 cash to build a house.
2) It is very, very difficult to get “subs” to show on on schedule, when you are the only business they are offering, and their primary General has 10 jobs lined up for them. If that primary General is falling behind and needs to push the subs, the subs are going to take care of the meat/potatoes and not worry so much about the “gravey” that you are offering.
3) Time consumption. Like others have said, it is going to take you longer, which means ALOT of time away from your present job. If you have that liberty, to be at the construction site 2 to 4 hours every day to manage and monitor, do it, but if you don’t have that type of free time, again……I would steer clear.
You are only going to save 10%, maybe, maybe 20% by being your own General.