Due to recent financial crisis, surveys have become less popular as a buyer begins the journey of purchasing a new home. The question we get more often than not is “do I really need to order and pay for a new survey?” The answer, ABSOLUTELY.
But why? Well for one, you have to remember that you’re making what is likely your largest financial purchase/investment; why risk running into any issues down the road that could end up being more costly than just the initial cost of a survey? Getting a survey shows you exactly what you’re paying for and is the only reliable way to confirm the basic information about the property.
What is a survey?
Property surveys are done to determine or confirm land boundaries, such as the plot of land a home sits on and identifies other types of restrictions and conditions that apply to the legal description of a property. In short, a survey locates and measures the property’s boundary lines to determine the exact amount you own should you purchase the property. This prevents you from making a costly mistake, such as building a structure on someone else’s land and paying to have it moved/removed. This is known as encroachment, meaning you are violating the property rights of another property owner, which can result in an expensive legal battle.
Why do you need it?
We understand that most people would think, “but this property has been here for X amount of years, clearly there isn’t an issue.” It may seem that easy, but you should always do your due diligence and verify that things were done correctly the first time and have not changed since the last survey. If you use a previous survey and down the road you run into an unforeseeable problem, the financial burden falls completely on you, as insurance will only cover you based on what was stated in the survey provided to them. If for some reason the previous surveyor is no longer in business and an issue arises in regard to their report, there is no one to blame but yourself for not ordering a new survey and the financial burden, unfortunately, falls solely on you.
For an affordable fee, you can have a professionally backed survey of your property to give you clarity on your plot of land. This can save you a lot of money in the long run and settle any disputes that could potentially come up in the future. So remember, a new survey is always in your best interest!