If you’re a homeowner or house hunter, you know the market has been all-over-the-map for the past few years. Luckily, home inspection costs only depend on the types of inspections that are being performed — not the market. Still, there are a few trends that may affect home inspection costs in 2024.
Home Inspection Industry Trends in 2024
Trends help you stay ahead of changes in the industry, and what will impact the cost of home inspections. Here are the top trends you’ll be seeing a lot more of in 2024 and beyond:
- Real estate market growth
- The rise of green home inspections
- Use of technology in inspections
- Pre-listing inspections
Real Estate Market Growth in 2024
If you’re looking to buy or sell in the coming year, you’re in luck! Experts predict that the real estate market will continue to grow in 2024.
When listing your home, keep in mind that most buyers prefer to have an inspection done on a home before buying. Only 14% of homebuyers waived an inspection in the last year, the lowest rate in about five years. So not only is the market looking good for sellers, but buyers are regaining some negotiating power, too. It’s finally looking like a good day to be a first-time homebuyer!
While home value is expected to increase by about 5.5%, home inspection fees are unlikely to be affected by the market.
Green Home Inspections
An estimated 170,000 new “green” homes are being built each year. These inspections focus on energy efficiency, sustainability, and human and environmental health factors. Naturally, a rise in green homes means an increased demand for green inspections!
Green inspections are not included in a general home inspection and require additional home inspector training, so it will cost extra to have this service done. On average, a green home inspection costs $350.
Technology in Home Inspections
It’s becoming more popular to use advanced technologies during home inspections. This includes drones, digital mapping, smart home evaluation tools, and even phones. These tools all allow inspectors to provide additional services, and thoroughly ensure home safety, with ease like never before.
The technology on its own does not necessarily impact price; instead, specific services (that may require special tech) do. Examples of these services (which are in addition to the standard home inspection) include:
- Thermal imaging: $100-500
- Mold inspections: $300-800
- Termite testing: $50-200
Other specialties (like radon testing) depend on your state regulatory agencies, and, secondarily, how thorough you want to be. Some states provide at-home-testing kits, for example, that cost under $50, but may not be as accurate as a full inspection.
If you’re looking to sell this year, it’s becoming more common for homeowners to get a pre-listing inspection done so they can get a clear view of any potential issues that may impact their home sale. Then, they can make necessary repairs and upgrades before the buyer asks for them.
A standard pre-listing inspection costs the same amount as a regular inspection (think: around $350). The difference is the homeowner purchases the inspection – not the buyer. You can also build trust with potential buyers this way, by taking this step of the process into your own hands and showing them you are confident in the condition of the home.
The Cost of Average Home Inspections
Location, size, and age of the home are the main factors that influence the cost of an inspection. They impact the cost of every inspection, whether you add extra services or not. A standard home inspection will run you about $350 on average.
Location, Location, Location
The price of a home inspection will depend on the location of the home and its market. As a reference point, here are a few example states and their averages inspection prices. It’s important to keep in mind that individual cities and neighborhoods will vary in price, but this is a good overview to get you started:
||Average Home Inspection Price Range
|| $325 – $450
|| $350 – $425
|| $375 – $525
|| $300 – $375
|| $375 – $475
|| $325 – $375
|| $425 – $600
More money, more problems. The larger the home, the more time consuming the inspection process! So, a big multi-story home will typically cost more to inspect than a condominium. The same goes for homes with attics, basements, crawlspaces, balconies, and the like. Additional floors, hard to reach areas, and, well, you get the idea — it all adds to the amount of time an inspector will need to make sure the home is safe and sound.
Typically, homes under 1,000 square feet cost between $200-300 to inspect, while homes 3,000+ square feet with additional floors could land in the $400-500 range.
Age of the Home
When a home has more years under its belt, it’ll likely come with dated (and unsafe) building standards, wear and tear, and sneaky little issues that can become big problems over time. It takes more time and expertise to properly inspect an old home, so it often costs more to do.
Also, some tests may be required by the state, which will add to the final inspection cost. One example of this is asbestos testing, which adds about $100-250 to the standard inspection fee.
Find an Inspector Who Does the Job Right
Ultimately, the price comes down to a variety of factors, because no home is the same. But don’t look for the inspector who will charge you the lowest dollar amount. No home is flawless, and no one likes to be surprised by expensive (or dangerous) issues. Having your home inspected thoroughly is key to avoiding costly repairs or, worst case, safety hazards for you and your family. At the end of the day, you want a quality inspection by someone who knows their stuff. So when you’re ready to hire an inspector, keep your eyes peeled for AHIT-trained professionals.