Reinvent Yourself as a Home Inspector.

Remember the accident-prone, know-it-all handyman, Tim €The Tool Man€ Taylor from the sitcom Home Improvement? Tim may not have made a good home inspector but his sidekick Al Borland certainly would have. Al, the co-host of Tool Time, was Tim's exact opposite. A quiet serious, sensitive, knowledgeable guy, his catchphrase, in reaction to Tim's ill-advised ideas was, €I don't think so Tim.€

Are you like Al? Do you enjoy working on home improvement projects? Are you interested in construction and how things work? Know a little about plumbing, heating and air conditioning systems? If you enjoy meeting and helping people, and don't mind climbing up on a roof from time to time, a job as a Home Inspector might be down your alley.

A home inspector, not to be confused with a home appraiser who determines the value of a property, determines the condition of a structure. A home inspector will check the plumbing, basement, roof, heating system, water heater, and many other aspects of homes looking for improper building practices, items that require extensive repairs, items that are general maintenance issues as well as some fire and safety issues. Most often this is done on behalf of a home buyer or seller.

Your job is to provide a general, overall, straightforward inspection of the home. Your task is to list areas of main concern that will be costly to correct and/or pose a health, safety or fire hazard to the homeowner.

Being in reasonably good physical condition is a must as you may find yourself going into a basement crawl space or under a porch or climbing on a ladder to inspect vents and ducts. The rewards of a career in home inspection are worth the effort as full-time certified inspectors can make as much as $75,000 annually. Earnings will vary depending on location, industry and experience levels.

The financial investment and overhead needed to run a home inspection business are modest compared to other businesses, making this a lucrative small business opportunity.

A good choice may be to enter the industry on a part-time basis conducting one or two inspections a week. You can offer your service as a self-employed business person working from your home. Start-up costs are moderate consisting primarily of necessary tools, training, licensing and insurance.

Tools >> You really don't need a lot to get started. The basic tools you use to inspect a house are probably already in your tool box. You'll need pliers, utility knives, flashlights, screwdrivers, tape measures and levels. Safety glasses to protect your eyes, as well as a pair of coveralls and gloves for accessing a crawl space, are a must. To inspect the electrical system, you'll need a good quality multimeter to make voltage and continuity checks plus a plug-in circuit analyzer to check if a receptacle is wired properly.

Some people use ladders to inspect the roof, others prefer binoculars. If your insurance agency does not allow you to climb ladders to get to the roof, invest in a good pair of binoculars. If you do use a ladder, don't use a metal one. Using a metal ladder outside is dangerous. You never know when a bare wire or a hot siding nail is going to brush against the ladder. Instead, invest in a nonconductive ladder such as wood or fiberglass.

As your business grows, you may want to add a digital camera to your kit to take photos of areas of concern to the homeowner. Also, consider purchasing a battery-operated moisture meter (wet wall detector) to check for water leaks in wood, drywall, stucco and plaster. This tool is expensive but this is what separates the pros from the amateurs.

Training >> Consider enrolling in a home inspection training course. In a formal home inspection program, you'll study the principles of inspection and how they apply to major systems, such as heating, air conditioning, plumbing, insulation and more. You'll also learn how to write accurate reports and receive an introduction to ethics. Some schools offer programs that will prepare you to obtain your home inspection license, usually granting a certificate upon completion. Classroom courses, as well as online training programs, are available from a host of providers.

Licensing >>Many states have enacted legislation requiring individuals to be licensed to perform home inspections. For example, Illinois requires successful completion of 60 Hours of approved home inspector training, a proctored exam, and a 10-hour live lab where you gain hands-on experience doing a home inspection. Florida requires completion of an approved course of study of 120 hours of which at least 20 hours must be in the form of a live class.

Some states including California, Colorado, Idaho and Maine, on the other hand, have not as yet enacted laws requiring licensure, certification, or registration of home inspectors. Check with your state Real Estate board or Licensing Services Department for requirements in your area.

Insurance >> Obtain a basic General Liability policy from your insurance carrier. General Liability provides necessary coverage while you are performing the inspection. For example, you could be held liable if your ladder falls over and breaks a window on your client's home.

Consider purchasing a Professional Liability policy providing coverage for actual or alleged errors and omissions (E&O) in your inspection report. For example, you could have exposure if you missed a damaged and leaking roof during your inspection. In most states, home inspectors are not required to maintain E&O coverage however, it is recommended for financial protection and as an expression of professional responsibility.

Software >> As you grow your business, you may decide to invest in a home inspection software package. A typical software application gives you the ability to create professional home inspection reports quickly and easily. The necessary forms can be accessed from any computer or mobile device with an internet connection and a web browser. As you fill out the reports, the data is saved automatically so you never have to worry about losing inspection information while you're out in the field.

Inspection fees >> Inspection fees vary widely. Fees for a typical single family home vary geographically and depend on a number of factors such as the size of the house, its age, sales price and possible optional services such as septic, well or radon testing. Generally speaking, the price for a standard home inspection (including a written report and photos) ranges from $250.00 to $500.00 and will take three to four hours of your time. Value added services such as septic system inspection and radon testing can also be offered to homeowners at an additional fee.

While you may receive referrals from trades people, appraisers, mortgage lenders and satisfied customers, most of your business will come from real estate agents. It's important to have a close and amicable relationship with as many realtors as possible. Compile a list of the real estate agents in your area. Introduce yourself by way of a flyer, email, phone call or walk-in. Let them know you're new to the business and would appreciate having your name added to their preferred inspector list. Follow up with each agent on a regular basis. Don't be a pest but it doesn't hurt to be a good schmoozer and a good listener.

Do your research -- How many homes are sold in the area you will be serving? How many of those homes get inspected? The American Society of Home Inspectors (ASHI) estimates that 77 percent of the homes sold in the United States and Canada today are inspected prior to purchase. How many other home inspectors are in your area? What are the fees charged by your competition?

Marketing Tip >> Consider marketing your service to home sellers as well as home buyers. Some sellers decide to hire their own home inspector prior to putting their homes on th