A home inspection is a fast-growing and recession-resistant industry, and according to the Pew Research Center and the U.S. Census Bureau, is expected to grow 10 percent by 2026. With 126 million households in the U.S., according to the Bureau of Labor Statistics, and new construction neighborhoods on the rise, home inspection services are here to stay.
COVID-19 had a tremendous impact on the real estate market, with interest rates dropping to an all-time low and a rising need for Americans to move. Job loss, a desire to be further from urban areas or closer to family, remote work options, and more contributed to the increasingly high number of moves during the pandemic. No matter the reasoning behind the move, more Americans were moving in 2020 and 2021 than in years prior. In 2021 specifically, 7 million existing and newly constructed homes were sold, according to the National Association of Realtors and the U.S. Census Bureau.
Homebuyers are also becoming increasingly educated about the home buying process, including home inspections. It is highly recommended for every homebuyer to order a home inspection for the property they intend to purchase while under contract. Taking this critical step helps the buyer understand the ins and outs of the home, so they can make an informed decision about moving forward with the offer. Skipping this process can result in costly home damage and repairs.
The Future of The Home Inspection Industry is Bright
Millions of homeowners move every year and are in need of home inspection services. Also, a home inspection is not a single-transaction industry. There are ample opportunities to conduct home inspections outside of a home transaction. Here are a few:
- Home Maintenance Inspection: It is recommended that homeowners have their homes inspected every year to ensure that the home is in good condition and to provide any preventative maintenance repairs. Currently, there are over 126 million households in the US, according to the Bureau of Labor Statistics, which makes home maintenance inspection highly lucrative for home inspectors to offer.
- Pre-listing Inspection: Home inspections are an incredible resource for home sellers, as they can identify and mitigate issues prior to listing their home on the market, thus giving them a faster close and getting the most out of their investment.
- Health Services: There is always a need to test homes for detrimental health issues including mold, radon, asbestos, lead, and air quality to help homeowners live happy and healthy in their homes.
- Seasonal Services: For homeowners with a pool, spa, deck, fireplace or chimney, or for those who live in heavy wind or stormy areas, regular inspections and maintenance are essential to ensure the home is safe and sound.
WIN Home Inspection is uniquely positioned in the industry’s market, as they offer in-house training and certification programs not only for home inspection services, but also for the widest range of value-added services, light commercial and health, and safety inspection services. As a home inspection franchise owner, you have the unique opportunity to help your community members purchase homes with confidence and protect their largest investments.
If you’re interested in building a business in an essential and evergreen industry, start your journey with WIN! Give one of their franchise advocates a call at (800) 967-8127 or email at firstname.lastname@example.org to know more about this franchise opportunity.
Leo Wilson is a freelance writer with an interest in real estate and home inspection who is dedicated to helping aspiring entrepreneurs find the business opportunity that’s right for them.