Why Property Surveys Are Important for Home Buyers

Then if you are buying a new home, you need to invest in having a property survey done for these important reasons:

• The property you are buying may have been encroached upon by a neighbor’s fence or other structure. Even if you don’t mind (and you really should), when it comes time to sell your house, the new buyer will probably care.
• If you want to put up a fence on your property, you should know the true property lines. If you don’t, you could build on your neighbor’s property and wind up having to remove and rebuild the fence.
• A property survey will uncover any disputes over property lines or corners.
• A property survey will protect your investment by documenting the exact dimensions of your property, location and size of the house and any improvements.
• A property survey will identify any easements on the property that could affect legal title.
• When issuing title insurance, title companies will issue a very broad exception to title unless a survey has been completed. Furthermore, if you are borrowing money to buy your new home, your lender may require a property survey in order to obtain clear title insurance.

While you may be tempted to rely on an old plat that the seller gives you, this could be a mistake since things may have changed since the previous survey was conducted. For example, there could have been changes to local laws affecting your property rights or a new home built next door encroaches on your property lines.