Do You Need a Survey When Buying a Home?

Do You Need a Survey When Buying a Home?

 

When you apply for a mortgage, your lender will more than likely require that you get a survey of the property.  A survey shows the boundaries of the property and whether there are any encroachments such as buildings, sheds, fences, or easements.

 

For example, utilities and cable companies typically have an easement to access their equipment on your property. The survey is important because it shows the different improvements made to the property, like a new garage or an addition to the house. Any deviations in the size of the lot, structure, or boundary lines are specified in the survey.

 

The survey protects you from potential lawsuits that could occur over boundary disputes. If you’re buying a condominium unit, you don’t need a survey, but you should obtain the plat plans from the association.

 

Always get a survey prior to starting to build a new home. Don’t depend on your builder to determine the building location in relation to your lot lines. Even if your lender does not require a survey, it’s in your best interest to get one before you close the transaction to help protect your investment.