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The Importance of Getting a Home Survey

Posted by Justin Havre on Tuesday, October 2nd, 2018 at 7:50am.

Getting a Home Survey: Why It Is So ImportantThere are so many things that need to be done when it comes to buying a home. One of them is getting the financing, another is having an inspection. But there's also the need for a survey. Homeowners want to make sure they really own all the property they believe they're buying. If there are discrepancies or problems, they should know about that before they complete their purchase. Then they can decide whether they want to go ahead with that purchase or whether they would prefer to look for a different home. Here's why a home survey matters so much.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

What is a Home Survey?

A home survey isn't really about the home itself. It's more about the South Calgary property that the home is on. Surveyors are professionals who have been trained to look at records and use equipment to determine exactly where the boundaries of the property are located. This is often called the property line, and it's a very important part of making sure a buyer is getting what they expect and what they are really paying for. The survey looks for any problems or issues, as well, so the buyer can be alerted to those concerns before the purchase is completed.

What Does a Home Survey Offer?

A home survey offers a wealth of information for the buyer of the property, including where right-of-ways and easements are located. These are highly valuable pieces of insight that a buyer shouldn't be without. The lender will also be interested in the survey if the home is being financed, because they want to protect their own interest in the property. If they lend on that property and it's not as described, they have the potential to lose money. Naturally, this is something that all lenders want to avoid. They take less of a risk when they know the property they're lending on is really what's described to them.

Is a Home Survey Required?

Most lenders will require a home survey, especially if the buyer has a low down payment or there is anything unusual about the property. For buyers who are making all-cash purchases, though, a survey isn't a requirement. Still, it's something a buyer should really consider getting. It may be a necessary part of the transaction for their peace of mind, and they can sleep better at night knowing they got what they paid for. They will also be aware of any easements or right-of-way issues that could affect their access to or their use of the property.

What if the Survey Shows Problems?

Working with a professional surveyor is highly important. That way the buyer is sure that they get accurate information. They can use that information to decide if they want to proceed with buying the home or if they want to stop the process and look for something else. A home survey gives them potential leverage with the seller when it comes to the price and terms, as well, because there may be something in the survey that makes the property less desirable. That doesn't happen for all properties, of course, but it can happen frequently enough that a buyer will want to carefully look at the survey to make sure there aren't any issues that they might have a problem with. If there are, they should raise their questions and concerns before the home buying process goes any further.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

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