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Starting a "Home Inspection Business"

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The House inspection business is a relatively uncommon field that hides enormous profitability potential. This hidden gem provides a promising opportunity with relatively easy entry barrier and lucrative pay. As interesting as it sounds, what actually is the tasks of a home inspector?

As a home inspector, you'll be mostly hired by home buyers, although in some cases you'll work for a seller or real estate agent. Your job is to check everything from plumbing to electrical functionality to insect infestation from the attic to lawn. After a thorough inspection, you will then provide a detailed written report. Your service is important to both sellers and buyers to avoid future problems and lawsuit, ensuring the changing hands of the house to go smoothly.

Earning Potential

As previously stated, the industry average earning in this business is fairly high, with $57,340 median annual earning. That translates to an hourly rate of $27.50, which is very high across all industries.

The annual growth is a healthy 8%, meaning this industry is still growing with relatively low competition.

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With only high school diploma and moderate training required, this business might be for you. Here are some considerations to get you started:

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1. Startup Investment
The monetary startup investment needed is fairly low. Most of your expenses will go to equipment like ladders, screwdrivers, flashlights, electrical testers, water testers, gas leak detectors, and other similar equipment. You might also need to invest in an insurance policy. These expenses can be covered with below $5,000 up to $10,000 and above.

2. Insurance
As you'll be dealing with other people's property, it'll be a good idea to invest in errors-and-omissions, liability, and bonding insurance policy. Better safe than sorry.

3. Permits and Licenses
Most locations won't require you to get special permits or licenses. However, it might be a good idea to consult your local authority to get a clearer picture.

4. Marketing
Spread the word that you're in business to local mortgage companies, realtors, and attorneys. Place advertising in local newspapers with real estate sections, or real estate magazines. Your hardest part is to find that first client to build your credibility. Build good networks with anyone related to the real-estate industry as much as possible. If you are in the States, consider joining the American Society of Home Inspectors. Not only it will help with your credibility, many of the members might want to subcontract you with the jobs they're overwhelmed with, as well as sharing their knowledge and insights.

Necessary Skills

This business seems promising with a fairly easy startup process and low startup cost. However, there are still some skills and knowledge needed to cement your success. You'll need to learn as much as you can about how homes work. Starting with walls and floors, foundations, plumbing, electricity, gas, heating and AC, ventilation, and many more. You'll also need to be able to recognize problems from the obvious ones like leakage to invisible ones like insect infestations, usage of lead paint, etc.

Most of the knowledge comes with experience, so it's good to look for an internship from established home inspectors or realtors. Legal knowledge about zoning regulations and other property-related regulations may also be needed for some cases.

The big question is, do you have the passion for home ailments and have the knack and attention to detail for the job? If it's a yes, it's definitely an interesting and promising prospect.