What Is a Home Survey? An FAQ
A survey is an important tool for Southaven TN homeowners and home buyers who need to know where the edges of a property are located. Not everyone knows what a survey is or why it is useful. This FAQ is designed to help people who are new to the survey process and who need guidance as they seek a surveyor who can help them achieve their goals.
What Is a Home Survey?
A survey is a study of a property that determines its true perimeter. Surveys are done by marking the edges of the property with physical makers. Surveyors may also produce a map that shows where the property lies relative to other properties. Surveys are designed to be totally accurate, so that the homeowner, buyer or builder can use the information produced in the survey to move forward with a major project like building an addition, building a home or buying a home.
How Are Surveys Conducted?
To conduct a survey, the surveyor visits the site, takes measurements and looks through historical records to determine where the perimeter of the property is located. Surveys can get very complicated. When conducting a survey, surveyors use tools like compasses, tape and electronic measurement devices. They also need strong math skills to accurately calculate the edges of a property.
Who Needs to Get a Survey Done?
Anyone who is considering building an addition to their home, putting up a fence, or building an independent structure on their property should get a survey done. If the survey is not done and the structure is assembled over the edges of the property line, this can cause a major dispute between the property owner and the neighbor whose property was wrongly built upon.
Sometimes home buyers need to get a survey done before the loan will fund. Mortgage companies like to ensure that the home they are buying is constructed on land that is valued at the price being paid. Home buyers who aren't getting a mortgage should still consider having a survey done to ensure that they know the true boundaries of the property.
Are Surveys Expensive?
Surveys usually cost about $500. This may seem expensive, but the surveyor is a highly trained individual who takes many things into account when completing a survey. Surveys are not done quickly. Surveyors are supposed to be highly accurate and the results of the survey should never expire.
How Will You Know to Get a Survey?
Homeowners who work with contractors to build onto their property usually know when to get a survey because the contractor will tell them when it's time. Many contractors require homeowners to get a survey done before starting work on an addition to ensure that the project will go smoothly once it's underway.
If a survey is required to fund a loan during the home purchasing process, then the mortgage lender will likely tell the home buyer when to get the survey done. Surveys done for home buying purposes must be completed before the close of escrow.
Home buyers who are not required by a mortgage lender to get a survey done may still decide to do so during the escrow period. However, it's up to the buyer to decide whether or not they want to have this done.
Contact Your Real Estate Professional
If you're a home buyer who is thinking about getting a survey done on the property that you're trying to buy, work with your real estate professional. Your real estate professional can work with the seller to ensure the surveyor will have access to the property. Contact your real estate professional today.