A land survey is probably not your top priority when you start looking for a new home or piece of land. You’re too busy discovering delicious food and water views. But don’t think that the land survey isn’t important, even in times of high demand when competing buyers are hoping to get a clear offer accepted. A property survey is an aerial drawing that clearly and in detail shows the boundaries of your property with measurements. It also describes land features and other structures on the property.
Boundary line/attribute line
The location of boundary lines and other roads is one of the most common reasons landowners seek the help of a licensed surveyor. The land surveyors at axiomgeomatics.ca say that these limitations on the title or legal title are essential information to have before building a fence, adding an awning, or paving your driveway. Too often, an investigation reveals that you and your neighbors were operating on faulty assumptions. Both of you may have misplaced the line between your properties.
Before you put up that fence, you want to make sure it will be built on your property and not on your neighbor’s. The demarcation certificate will also let you know if the legal description of your property is correct.
Investigators will have an objective view of a home
Many surveyors have an unbiased opinion when it comes to inspecting a home and with their extensive skills and experience, they are more likely to spot problems a buyer could not have noticed. The average homebuyer spends 35 minutes inspecting a potential property before deciding whether to buy it or not; on the other hand, experts will spend at least two hours looking at the property, depending on its size.
The homebuyer will not benefit from the mortgage valuation
Many people don’t realize that when their mortgage provider says they will do an “appraisal” of the property, they mean getting the price of the property for their lending needs, not the “appraisal”.
A lender’s appraisal of the property you’re looking to buy only allows them to verify that the amount they are lending you (compared to real estate as a mortgage) is not too high. They need to make sure it’s the right type of property—and at the right price.
Reviews are usually only 2 to 3 pages long; they will confirm the value of the property and include prices for similar properties sold in the area. It will also let the lender know if there are any significant defects that could affect the value of the property, ensuring that lending you money is the right decision. However, this is not a detailed survey and will not tell you what repairs or maintenance you may need to perform.
You’re making one of the most expensive purchases of your life
Choosing where to buy is one of the most expensive decisions you can make, so investing in the wrong home isn’t worth it. A survey usually costs less than 1% of the total price of the property, and with this small cost, you can be assured of whether the location you have chosen is worth the investment. Any repairs that may be needed can be seen and identified while getting a survey; by doing it, you can save yourself from throwing away a large amount of money in the future.
Surveys can help you renegotiate a property’s price
If a survey report shows flaws that require costly repairs, that doesn’t necessarily mean you shouldn’t buy the property. You can show them to the seller and negotiate the asking price to reflect that you have to do these repairs yourself. By reducing the purchase price, you will have money to have it repaired by the person you choose. You can also ask the seller to resolve the issue before completing the purchase and provide a certificate or warranty if possible.
You can tell if your property is planned for residential or light industrial use. But you may be surprised to find that your zoning classification places specific restrictions on how you use your property.
The survey section simply reports your jurisdiction and zoning classification.
When the survey is completed and certified, it is a good idea to consult an attorney to find out if you are using your property under zoning regulations. They can also offer additional advice on the legal ramifications of your estate investigation.
Surveys can yield big returns. When you’re making one of the biggest purchases of your life, opting out of surveys isn’t worth the risk, even though it might not look like that. But small preparations can make a big difference. Consider every step carefully, analyze all options with pros and cons, and start looking for what is best for you. Good luck!