When you take home inspection courses to get your certification, you may have some trepidation about how fast your new career will take off.
There are so many variables when starting a new business: the economy, the job market in your location, the direction of the industry, and your individual odds at success. It would be nice to be able to pin down some of these moving targets so you could feel a deeper sense of reassurance.
Growth in the Home Inspection Industry
Luckily, one aspect of the business you don’t have to worry about is growth. The Bureau of Labor Statistics says that the home inspection business is expected to grow 10 percent by 2026. This is faster than the average for many occupations. So the outlook is rosy. But why?
The BLS says it’s due to public interest in safety. While it is possible to buy or sell a home without a conducting a home inspection, most buyers won’t go this route. It’s like buying a used car without having your mechanic look at it, or going on the TV show Married at First Sight. These aren’t prudent moves.
Unsurprisingly, inspectors qualified or certified to inspect different types of buildings can expect to have more work. Residential, commercial, and industrial constructions each require a slightly different skill set, and the more you learn, the more you earn. Home inspection courses to broaden your scope of work can pay off quickly.
Real Estate Market Key for Home Inspectors
IBISWorld predicts that the building inspection industry will continue to grow through 2022, but not as quickly as it has previously. The average annual growth between 2012 and 2017 was 4.6 percent, with 38,489 people employed in the industry and 24,581 business operating.
IBISWorld says one reason for the slowdown is the growing number of home inspectors entering the business. However, keep in mind that the industry is still growing, just not as quickly, because everyone wants a slice of this pie.
Other factors influencing growth in the building inspection industry are the real estate market and the U.S. economy.
Further, the economy is expected to improve and unemployment is expected to drop, and this theoretically puts more money in the hands of U.S. residents — money they can spend to buy a house. The house they sell and the house they buy both have to be inspected.
Home Inspection Courses Help You Diversify
One of the ways home inspectors can make more money is by franchising operations, IBISWorld says. That may not be a consideration for many small-business owners, but it’s worth thinking about for the future, considering the expected growth in the industry.
If you are thinking of entering the home inspection field, there is no better time. To find out more about how to become a home inspector, check out our website today!