Whether you’re buying, selling, or waiting for a new construction to be completed, you’ll eventually need to work with a building inspector. As we’ve discussed before, these professional plays a key role in any real estate transaction.
In earlier articles, we’ve covered their responsibilities, daily tasks, service fees, and more. Today, we’ll focus on a different aspect: their salary.
How much does a building inspector make annually? Should you choose the lowest-priced option when hiring one? What are the cons involved in running a building inspection business? Let’s find answers to these questions.
The building inspector: a brief overview
A building inspector is a property inspection expert whose job is to identify both minor and major issues with a property.
For sellers, an inspector provides valuable insight into the overall condition of the property before listing it for sale. For buyers, they offer an unbiased evaluation, helping them make an informed decision about the property’s condition and whether it’s a fair purchase.
How much does an inspection cost?
The cost of a property inspection can vary based on several factors, which makes it difficult to provide a precise estimate. Key elements that influence the cost include the type of building, its location, size, construction year and the experience level of the inspector, among others.
That said, to give you a general idea, here are approximate price ranges for different types of property:
- Condo: $500 to $800
- Single-family home: $650 to $950
- Duplex: $750 to $1,000
- Triplex: $850 to $1,250
Now that you have a better idea or the cost of an inspection, you may be wondering how long the inspection will take. Like the price, the duration can vary based on several factors, but generally, an inspection takes about 2 to 3 hours.
After the inspection, expect to receive the full report within 48 to 72 hours. On average, a building inspector spends around 8 hours total per property, including the time spent on-site and preparing the report.
As mentioned, inspection costs can vary widely depending on the specifics of the property. To get a more accurate estimate, it’s a good idea to contact building inspectors for quotes tailored to your project.
Building inspection business: the associated expenses
While it may seem like building inspectors earn a lot per inspection, $500, $650, or even $1,000, there’s more to the story. When you consider the time spent on travel, inspecting the property, conducting research, analyzing date, and writing the report, a building inspector typically only completes 3 to 4 inspection per week.
While the income from these inspections can add up, running a building inspection business involves significant costs. Here’s a quick look at some of the key expenses:
- Incorporation fees.
- Membership fees for professional associations.
- Professional liability insurance premiums.
- Inspection tools and equipment (purchasing and maintenance).
- Business premises costs, such as rent, insurance, utilities, internet, and phone.
- Work vehicle expenses, including registration, insurance and fuel.
- Employee salaries (if applicable)
- Employee benefits
- Business management costs (accounting, marketing, etc.)
The annual salary of a building inspector
Unlike many real estate professionals who work on commission, building inspectors are typically paid an hourly wage or salary. In Quebec, the average annual salary for a building inspector is around $55,000, though this can greatly vary.
For instance, a new building inspector just starting in the field, especially in the public sector, might earn around $45,000 per year. On the other hand, an inspector with several years of experience working for a private company could earn closer to $70,000 annually.
Indeed, several factors can affect a building inspector’s earnings, including:
- Experience level.
- Professional background and training.
- The company or sector they work in (public, private, self-employed, etc.)
- The region where they are based.
Choosing your building inspector based on price: it is a good idea?
Did you know that, for a long time, the building inspection profession in Quebec was poorly regulated? Even today, it’s important to be cautious when choosing an inspector, as anyone can claim to have the necessary skills.
When selecting a building inspector, you should always start by ensuring they are qualified and experiences. Once you’re confident in their credentials, ask for a quote.
But is it wise to choose an inspector based solely on price? In short, no. If an inspector offers a quote that is several hundred dollars lower than competitors, you should proceed with caution.
A price that’s too low could be a sign of inexperience or indicate a potential compromise in the quality of work. Inspections, whether for pre-purchase, presale, or pre-delivery, are serious matters. It’s often better to pay a little more for peace of mind than risk encountering problems later by choosing the cheapest option.
Are you looking to have a property inspected?
XpertSource.com can help you in your efforts to find a building inspector. By telling us about your project, we will refer you to top-rated experts, free of charge! Simply fill out the form (it only takes 2 minutes) and you will be put in contact with the right experts.
