A lot of research goes into making a huge investment, like purchasing a parcel of land. It is commonly referred to as due diligence. The importance of the process is that prospective land buyers get value for money. Notably, a land survey is one of the crucial steps that you must accomplish before exchanging contracts with a land seller. Here are some essentials about property survey that prospective land buyers need to know.
What Land Surveying Means -- Land surveyors use an array of survey equipment to map a property, make calculations and take photographic evidence of the land. The measurements are then fed into specialized software to develop property plans and maps. Such a survey helps buyers to ascertain land size and boundaries. The first step in a property survey is a deep dive into the history of the land deed, which entails a title search. Performing a search gives a future property owner some peace of mind since they know for sure who owns the land before making any financial commitment. A land survey also incorporates aspects such as easements and right of way in as far as sharing walkways or yards with your neighbours is concerned.
Is it Necessary? -- Many property buyers might think that land surveying is not necessary because of the financial implication. However, a land survey is essential to avoid costly mistakes, such as constructing your future home on your neighbour's property or public land. A property surveyor can also help prospective land buyers to prevent legal challenges associated with property disputes arising from skimping on conducting due diligence.
Land Surveys Solve Historical Challenges -- Many properties that are put on the market might have significant problems, such as poor calculations during past surveys and multiple subdivisions over the years. The latter is a problematic issue because the risk of miscalculation maximises significantly with every subsequent subdivision on a piece of land. The effect of such errors can cause the parcel in question not to coincide with adjacent plots, thereby leading to overlaps and gaps. A surveyor's job is to interpret and correct such past errors and resolve any discrepancy.
Price Negotiation -- A survey report is useful for property buyers because it gives them an upper hand during price negotiations. The survey comes in handy when you need to know the real value of a parcel of land independent of the seller's valuation. Besides, during a survey, you might uncover issues with the property like easements, which may justify a re-negotiation of the asking price. Further, a land survey report might help a buyer to walk away if there are glaring concerns with the land in question.
