It's 2022 and the housing market is still red hot (for now). If you are thinking about becoming a home inspector, or already are one, you might be wondering if you can make good money as a home inspector.
You'll be happy to know that our data paints a bright future. Home Inspection is a profitable business for both solo inspectors and even part timers. And if you want to grow into a large, multi-inspector company, the sky is the limit.
We pulled data from our 7,000 home inspectors to get a sense of the highs and lows (yes, there are lows) of inspecting. Here's some of our big takeaways.
First of all, it's important to know that the most critical time for a home inspection business is the first year, during which about 60% of new inspectors fail. Spectora users tend to fair better. We checked in with our Jumpstart users after their first year, about 70% of them reported still being in business.
Solo inspectors that reported themselves in "year 0" of their business and performed less than 12 inspections per month in their first year averaged $1,590 per month, which is a nice chunk of change for a side hustle. At the high end of 11 inspections per month, some of these "part-timers" may have been full timers still trying to hit there stride.
New Solo Inspectors who averaged 12-30 inspections a month faired considerably better, averaging $8,044 per month. At $96,528 a year, that's a comfortable living! This group averaged 18 inspections per month, which is very doable for a solo.
If we're talking about solo inspectors only, about 11% of Spectora inspectors are averaging $20,000 - $50,000 per month. Those are obviously the highest performers, many of whom have years of experience or even contracts in place that guarantee inspections every month.
Unlike other professions - like software developers, doctors, accountants, etc.; home inspectors have varying employment statuses which determine salary (partially).
Home inspector employment falls under two main categories, self-employment as an independent inspector or working for a home inspection company.
The most common types of employment in either category are:
Inspectors with the same employment status can have different incomes. This is because of the following factors.
Where an inspector lives can determine how much they make. Some states have higher taxes than others, different housing markets, etc.
Areas with higher demand for home inspections are where inspectors will make more money, as a result of natural supply & demand.
Cities and states that have expanding real estate markets, more new home construction, & homeowners looking to buy and sell - are where home inspectors are higher in demand.
An obvious factor, full time vs. part time employment determines salary. Full time inspectors will almost always bring in a higher salary than part time inspectors.
Experienced inspectors can charge more for their services. The longer an inspector has been in the business, the more hands-on & professional experience they have.
This results in referrals, credibility with clients/agents, reviews, and overall ability to perform inspections. Experienced inspectors are higher in demand, and their clients are willing to pay more per inspection.
Inspectors who are licensed and/or certified can make more money than those who have not passed or taken a licensing exam. Many clients will pay more for an inspector who is licensed, allowing them to increase their prices.
Some states don’t require inspectors to be licensed, however clients often choose licensed inspectors over unlicensed ones. This is because having a license increases the trustworthiness of an inspector.
Inspectors who are licensed to perform only basic inspections are limited to one service offering, which means only one source of income. Inspectors who are licensed to perform more than one type of inspection can make more money from a single client.
When clients can choose to bundle a basic inspection with one or more additional services (like a radon or mold test) the inspection cost is higher. This can increase annual salary over time, and is a great reason to get certified for additional services.
Choosing a career as a home inspector is a great way to make money and create a decent living. So yes, you can make good money as a home inspector.
Just remember, you get out of it what you put into it, so investing time and effort into becoming a home inspector will pay off in the long run!