Yes, yes, yes, always yes. For example, a friend of mine bought a small fixer-upper office building years ago. The building was only ten years old, but was in sad shape because the former owner never fixed, painted, or replaced anything. My friend was a very sophisticated investor, and he had firm contracts from subcontractors and suppliers for all the renovation work. He thought he had all his bases covered and did not need to pay for an inspection.
He closed without any problems, made all the repairs within budget, raised the rents, and soon filled the office building to 100% occupancy with new tenants. Then one of them needed some additional electrical wiring for an air conditioner in a dedicated computer room. To make a long story short, that is when my friend, and the local government authorities, found out that the building’s electrical work did not meet code requirements. In fact, it had never met code. There was talk of the former owner passing some money under the table to a former building inspector.
What did my friend do? He did what he was ordered to do by the inspections department. All his tenants had to vacate the property. All the electrical work had to be ripped out and redone. When it was completed, he had to find new tenants because the old ones had already found new space. A few hundred dollars for an inspection would have saved him all that grief.