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Location Surveys … Are They A Necessity?
Buying a home is filled with numerous decisions, and inevitably costs. Many of the costs seem to overlap, which can be especially frustrating to the first-time homebuyer. One such cost involves a location survey, and many homebuyers can get confused trying to determine if it is a necessary one.
Location Survey 101
During the buyer’s journey you will have to decide if you want to pay for a location survey. The location survey, also known as a location drawing, can typically cost between $195-$250, depending on the size of your property. As a general rule of thumb, it is used to help you identify and understand encroachments and easements. For example, a location drawing might help to identify that the buyer is actually purchasing less land than he or she originally thought. In some instances, the buyer might discover that he or she is actually purchasing more land. In the latter case, the additional land could result in higher property taxes. In short, knowing the exact property line boundaries, can help a buyer better assess the potential of their new investment.
Location Surveys And Boundary Disputes
It is important to note that the average location survey should not be confused with a property line survey. The latter type of survey is vital if you want to erect a fence or complete other types of improvements that require permits. The property line survey, which is also known as a boundary survey, is incredibly helpful if you have a dispute that involves the property line. With this in mind, a boundary survey involves precise measurements and can typically cost hundreds to thousands of dollars (depending on the location and size of the property). The good news is that unless you are anticipating, or already encountering a dispute, you won’t typically need to complete a boundary survey. Instead, a location survey provides the detail that you need to make an informed buying decision as you think about purchasing a home or plot of land.
Location Surveys Offer Peace Of Mind
In many cases, a location survey is not a required entity within the home purchasing process. However, a location survey does offer buyers peace of mind as they continue the home buying journey. The location drawing can give vital insights into the amount of land that is included with your property purchase. With this in mind, if you are anticipating erecting a fence or completing extensive renovations, such as installing a pool, then you might consider the benefits of the more detailed boundary survey. In conclusion, purchasing a location survey will depend on how comfortable you are with the piece of property that you are buying, as well as the details that you have about the included land. For additional insights into the ins-and-outs of location and boundary surveys, as well as the entire home buying journey, be sure to contact a member of the Velocity Title team today.