What First-Time Buyers Should Know About Property Surveys

Buying your first home comes with a long list of steps, and a property survey is one you do not want to overlook. While it may not get as much attention as the home inspection or the closing disclosure, a property survey plays an important role in protecting your investment.

What Is a Property Survey?

A property survey is an official document prepared by a licensed surveyor that identifies the legal boundaries of a piece of land. It shows the exact dimensions of the lot, the location of structures on the property, and any easements or encroachments that may affect the land. In short, it tells you exactly what you are buying.

Why It Matters for First-Time Buyers

When you purchase a home, you are not just buying the structure. You are buying the land it sits on. Without a survey, you may not know where your property actually ends and your neighbor's begins. That can lead to disputes down the road over fences, driveways, sheds, or landscaping.

A survey can also reveal:

• Easements that give utility companies or neighbors legal access to part of your land
• Encroachments, such as a neighbor's fence or structure that crosses onto your property
• Zoning restrictions that affect how you can use the land
• Discrepancies between the legal description in the deed and the actual property lines

Is a Survey Required?

Requirements vary by state and by lender. Some mortgage lenders require a current survey before closing. In other cases, your title company may accept an existing survey if it is recent enough and the property has not changed significantly. Even when a survey is not required, getting one is often a smart move.

Types of Surveys

There are several types of property surveys, and the one you need depends on your situation. A boundary survey is the most common for residential purchases and focuses on the property lines. A mortgage survey, sometimes called a location survey, is a simpler version often required by lenders. A topographic survey maps the land's physical features and is more commonly used for new construction or renovation projects.

How Much Does It Cost?

The cost of a property survey varies based on the size of the lot, the property's location, and the type of survey needed. On average, a residential boundary survey in the U.S. ranges from $300 to $700, though it can be higher in more complex situations. It is a relatively small expense compared to the overall cost of buying a home.

A Step Worth Taking

A property survey gives you a clear picture of what you are purchasing before you sign on the dotted line. If an issue does turn up, you will have the opportunity to address it with the seller rather than discovering it after closing. For first-time buyers, especially, that peace of mind is well worth the investment.

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