When compared to the cost of buying a home and discovering major issues that need to be fixed, the amount you'll spend on pre-emptive building and pest inspections seems insignificant.
You cannot overestimate the importance of gaining a comprehensive understanding of the property you are about to buy - getting the right reports and inspections can be crucial.
A building report will help identify any internal or structural problems that could otherwise cost you thousands of dollars to repair.
Expert inspectors have professional indemnity insurance and can often discover defects that you may have missed.
Importantly you must question the inspector if there is anything you are not comfortable with in the report, but overall it is not necessary to worry about every issue raised - it is their job to make a note of any concerns they come across, even the ones that have no substantial impact on the building or its worth.
It is entirely possible that the property has termite (white ant) infestation you're not aware of, so a pest inspection report is crucial for peace of mind.
Termites are generally more prevalent in warmer climates, but no geographical location is completely immune so it is worth taking the time and effort to discover if your favourite property is affected before you finalise your purchase.