Monday, August 19, 2013

Home Buyer Tips: Should I have a survey done?

"Why should a home buyer have a survey done?   Don't all the new developments have lot markings and boundaries that are good enough?"

Good enough for what?  That is my response when someone asks me if they should have a survey done.  

Surveys serve a purpose.  First and foremost, the survey will tell you if your house is located within your property borders.  The survey will let you know if there are any encroachments on your property by the neighbor's fence or something else. 

The survey will tell what easements exist.  Several years ago my buyers were buying a home which had pool added after construction and the pool deck extended into an easement.  The survey made them aware of the issue should the utility company ever need to work under their deck.

If you are buying new construction chances are the lot borders have been staked off already with pretty clearly defined borders.  Even though with new construction in a brand new development there is probably less chance of an encroachment as a buyer you should want to know with certainty where your property lines are located.

Most lenders require a survey be done when there is a mortgage loan.   Regardless if required, anyone buying a house or vacant lot should insist on having a survey.

So why should a buyer have a survey done?   Why have home owner's insurance?   

To protect a sizable financial investment!