Before buying or looking for a property, it is advisable get a property survey done through a surveyor. In essence, it is essential that both you and your mortgage lender know whether the property is worth the investment you have agreed put on it. In other words, you need to the basic valuation of the property. When property surveys are concerned, there are two main types of survey available such as the Home Buyers Report and the Building Survey. Most of the lending agencies require a basic valuation, however, it is important that you obtain an independent and more detailed survey done on the property. This will enable you to know whether there are hidden problems exist related to the property, since the basic valuation property may not reveal the actual condition.
Earlier days, a property survey would be done for title insurers to ensure less risks. Until recently, the Insurers, have been absorbing part of the risks as the incidence of insurance claims has been very low. However, now many title insurers are going back to title insurance. At the same time, it was noted that the average lot size seems shrinking and people are putting up 6000 square foot building on a 8000 square foot lots. As such tolerances have become so tight and the owners have be more careful about the limitations of their property.
The government stringent regulations or rules and laws dictate strict building tolerance levels. For example, what should be the distance between a well and the septic tank system, where the decks and extensions have to end, then where the utilities such as sewer pipes, water supply and electrical conduits to be located. Similarly, many states dictate what is the optimum distance from the lot boundary to locate a swimming pool.
Why we need a Property Survey?
As we know, when there is a driveway dispute or a fence in the wrong place, a surveyor is employed. The surveyor will prepare a map indicating the current property limits including the features related to buildings, boundaries, walls, driveways present.
Additionally, it will reveal easements such as sewer manholes, storm water catch basins, electric posts poles, natural drainage ditches and telephone lines. It is important that all the necessary information on the property is known, when you or your neighbor decided to any building or improvements to the property. In essence, prior knowledge of the property will enable you to avoid unnecessary disputes leading to legal implications. In other words, by knowing the actual condition of the property, expensive law suits (due to unimportant property disagreements) could be prevented.
Surveying can be a risky business as many property owners can react violently when they see a surveyor or the neighbor start meddling with the boundaries. In most of the cases, the property surveyor can get into trouble when there is a dispute over a few feet of property and the presence of personal ill feeling.
From the above discussion, it is vital to update the surveys before starting a project. The money little spent on property survey will be well justified due to less problems (related to property disputes) and avoiding costly mistakes during implementation. The cost of such survey is not prohibitive, and usually between $1000 and $ 3000 and for larger jobs it may go up.