Purchasing a home is a significant investment. It’s crucial to ensure that you clearly understand the property boundaries and potential issues that may affect your ownership.
One essential step in the home-buying process is getting a property survey. We will explore the reasons for a property survey, when to complete one and what it entails.
From many years of experience as a REALTOR® dealing with land surveys, it makes sense for homeowners to have one conducted for their property.
What is a property survey?
A property survey is a detailed and professional measurement of a property’s boundaries and features.
It provides valuable information about the land, including its size, shape and the location of structures on it. A licensed surveyor conducts the survey, using specialized tools and equipment to ensure accuracy.
Reasons to get a property survey
When embarking on the homeownership journey, it’s easy to get caught up in the excitement of finding the perfect property. However, amid the thrill of house hunting, it’s essential not to overlook a critical step: getting a property survey.
This meticulous examination of a property’s boundaries and features can be the key to a smooth and trouble-free homeownership experience. The following are reasons why obtaining surveys is a wise and necessary decision for anyone considering a real estate investment.
Understanding these reasons is crucial for safeguarding your investment, preventing boundary disputes and ensuring a clear understanding of the land you are about to call home.
In the grand scheme of such a significant purchase, the cost of a land survey is relatively inexpensive.
Most common Uses
- Boundary verification: One of the primary reasons to get a land survey is to verify the exact boundaries of the property you are purchasing. This helps prevent disputes with neighbors and ensures you know your property’s limits. Dealing with property encroachments is never fun.
- Title issues: Property surveys can reveal any encroachments or easements on the land, which could affect your ability to use or develop the property. Identifying these issues early in the buying process allows for resolution before finalizing the deal.
- Zoning compliance: A property survey can confirm whether the land complies with local zoning regulations. This information is crucial for homeowners planning to make additions or modifications to the property, as non-compliance could lead to legal issues.
- Existing structures and improvements: The survey provides a detailed map of existing structures, improvements and features on the property. This includes buildings, fences, driveways and utility lines. Understanding the layout helps in planning future developments and renovations.
- Access rights: Some properties may have shared driveways or access points. A survey can clarify the legal rights and restrictions regarding these shared areas. It helps avoid potential conflicts with neighbors.
- Mortgage lender requirements: When getting a mortgage, the lender will conduct a mortgage survey. This will identify the four corners of the property and the home’s location within the boundaries. Lenders often may require a property survey as part of the loan approval process. This protects their interests and ensures that the property has no significant issues that could affect its value. They are often called mortgage plot plans.
When to get a land survey done
In the complex tapestry of real estate transactions, timing is often everything. When ensuring a seamless and informed property buying experience, knowing when to get a land survey done is paramount.
Whether you are on the brink of purchasing a property, planning renovations, or navigating complex transactions, understanding when to obtain a land survey can be the key to unlocking a secure and confident path to property ownership.
- Before purchasing a property: Ideally, a property survey should be conducted before finalizing the purchase of a property. This allows potential issues to be identified and addressed before completing the transaction.
- During property transactions: If a survey has not been conducted before, it’s advisable to get one during the buying process. This ensures the buyer and seller understand the property’s boundaries and potential complications.
- Before construction or renovation: If you plan to build or make significant changes to the property, it’s essential to have a current survey to guide the construction process. It will ensure compliance with local regulations.
Getting a property survey is crucial in home-buying. It provides invaluable information about the land and potential issues affecting your ownership.
Hopefully, you better understand all the reasons to complete a land survey. With a survey, you can make better decisions with property ownership.