Benefits of a Home Survey

Benefits of a SURVEY
by Carla Freund 4-10-2014
 
Should I get a survey on my home? Once you have a contract on a home or property, your Real Estate Agent and Attorney will want to know if you would like a survey on your new home. Oftentimes, the buyer will want to know if a survey is necessary.
 
Is a Residential Survey Necessary? My answer is a resounding... YES!
 
What does a residential land surveyor check? The survey allows the attorney to verify:
 
  • Property Boundary Lines / Markers
  • The property has access to a public right of way
  • The improvements on the property are built within the applicable building setbacks (house, shed, fence, pool, etc.)
  • There are no encroachments on the property that may affect the use of or the marketability of the property 
  • If the property is in or on a flood plain
 
Should I get a survey on my home? If you do not obtain a survey the title insurance company will not provide you with survey coverage on your owner’s policy of title insurance.  In short, this means that any problems with the property that would have been disclosed by a current survey are NOT covered under the policy.  The survey is also helpful because it shows you the boundaries of the property, which might be important if you need to make additional improvements on the property, such as adding a fence.  If you choose not to obtain a survey you may incur additional costs and expenses after closing if a problem arises that would have been disclosed if a survey was obtained.
 
Why get a Property Survey? Other Sources to Review:
 
 
 
 
 
 
Average Cost of obtaining a survey in Triangle Area: $325 - $450
 
*You should consider a survey on all Residential Real Estate Purchase including but not limited to new construction homes, re-sales, and townhomes.
 
*A survey is required to have lots or land subdivided and recombined. Cost will vary depending on what is required.
 
 
As your Real Estate Agent, I highly recommend you have a survey completed prior to closing on a property.