Is a Survey Necessary When Buying a Home
By Real Estate Team
Investing in a home is a serious move. You are spending a lot, and you want to make sure your money is going in the right place. One of the prominent issues you want to be sure of is the state of the house you are buying. You should do your due diligence so that you do not get shocking surprises once you settle into your new home. The question to ask should be: is a survey necessary when buying a home?
Is a Survey Necessary When Buying a Home
As you prepare to buy a house, you may be wondering what you need to do. Well, you are just in time because this post will tell you why a survey is necessary before you commit to buy any property. Before that, you will also know what a property survey is and why it should be done correctly. Keep in mind it’s a little different if you are buying a condo.
Property Survey: What is It?
It is in-depth research on the status of the land and its deed. It will include the history of ownership, examining deeds, and also its boundaries and size. Once the survey is over, you will get a map of the property. One of the things you need to know when buying a house is if the land is worth the amount you are paying for it, which a survey will tell you. Also, some lenders will insist on getting the survey to make sure the property is worth the loan they will be giving you. However, it is not a legal requirement that you do the survey.
Why is a Property Survey Necessary?
A lot of people do not give a thought about doing a property survey. Well, you are not legally bound, but you would like to be sure that you will not be running into trouble years later. So what are some reasons you should have a property survey done?
- You get the Exact Property Value:
The property’s owner may want to make more than the value of the home. In that case, a survey gives you an insight into the value of the property. You will not be paying a dime more than the worth of the home.
- To Ascertain Ownership:
People have bought homes only for the rightful owner to come out later and claim the property. It is quite embarrassing to be thrown into such a situation when you thought this was now your home. A survey ascertains that whoever is selling the land is the rightful owner or has delegated that job to a realtor. You can proceed to close the deal knowing that you will not have ownership tussles in the future.
- You get a Good Look into the State of the Property:
It is easy to miss out on a lot of things when looking for a home to buy. That is why you need a survey to bring out the real status of the home. A survey details some of the things you will have to fix, and that could potentially increase the buying price.
Bottom Line
If you are asking: is a survey necessary when buying a home? Well, it is not a legal requirement, but you need it to get an actual assessment of what you are putting your money into. You can talk with your real estate agent to determine what the best route for your home purchase. Also, many lenders require for someone to come out and make sure the property is worth what you are purchasing it for. Whether you are looking for cheap houses, or an expensive home, a survey will help make sure you are spending your money properly.