A steady increase in housing sales in the U.S. has been good news not only for homeowners and investors but also for those who want to cash in on potential business arising from more property transactions.
For instance, a viable business franchise for veterans involves inspection services. Even if sales in the country have slowed down, people still need professionals to make sure that they’re buying a legitimate property.
Home Inspection Market
According to the National Association of Realtors, almost all of their members advise buyers to conduct a home inspection before a purchase. Nearly 80% of buyers do so before closing a deal, so this means a rather sizeable market for inspection companies.
If you’re worried about future growth, the estimated $3 billion industry will continue to grow in the next 10 years. Population growth serves as one reason for this since more people indicate a need for more housing. By 2026, the Bureau of Labor Statistics said that home inspection market would expand by 10%. The growth rate could be higher in places where sales could be higher than the rest of the country.
First-time home buyers in Chicago will likely find it easy to save for a house in the city, compared to other cities nationwide. It takes 3.28 years for someone with an annual income of $50,500 to afford a 20% down payment for a median-priced home if they save $10,821 during the same period.
While prices may change in the future, knowing the popular markets for first-timers allows your home inspection business to provide services where they are needed the most.
You should consider a business franchise for home inspection services with a low upfront investment, which prevents you from risk in case demand for houses becomes slower. Do your due diligence when choosing the best franchising system, since each company offers different services.