From escrows to interest rates to surveys, there’s much to learn about when planning to buy a new home. If this is your first time buying a new home, many terms can be confusing, and it’s easy to feel overwhelmed. The following guide from JMC2 Engineering provides helpful information for focusing on surveys, and why they are important for folks looking to buy, or even build, a new home.
There are a Few Different Types of Surveys
Okay, so you’ve probably seen folks working with surveying equipment, but you may not know what type of survey they were conducting.
● Some states or lenders may require homeowners to secure a mortgage survey.
● Property surveys are a common type of land survey encountered by homeowners, but these surveys take into account structures in addition to land boundaries.
● The cost of a survey is based on things like how much land is being surveyed and travel time for the surveyor.
Surveys Can Come in Handy in Several Ways
Now that you have a better understanding of surveys and what sorts of surveys may be required when purchasing a home, let’s talk about why surveys are needed:
● Surveys may not always be required when you are buying a new home, but they are essential if you plan on buying land to build a custom home.
● Property surveys can also alert you to potential issues with a new home, including utility rights to the land, nearby bodies of water and even the existence of old cemeteries.
● Having survey reports on hand can also help you settle property disputes faster, which can save you some stress if a neighbor unknowingly builds a fence on your property.
Surveys can be incredibly helpful for homebuyers, and sometimes they’re even required. They also prove necessary for certain legal matters. Make sure you spring for a survey before you buy or build a new home, and know what to expect in the process.
If you have any comments or questions please contact John M. Cruikshank, PE, President & CEO of JMC2 Civil Engineering at jcruikshank@jmc-2.com, (310) 241-6550 x228, www.jmc-2.com.
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