Whether you’re investing in a new home or enhancing your existing property, understanding your land boundaries is crucial. A property survey precisely defines these boundaries and identifies any subsurface improvements, easements, or encroachments. Knowing “How Much Is A Property Survey” is essential for budgeting and making informed decisions. Let’s explore the details of property surveys and their associated costs.
What is a Property Survey?
A property survey is a legally binding document that accurately defines the boundaries of your property. It eliminates guesswork about property lines and provides clarity on what legally belongs to you.
“Property surveys are performed for a number of reasons,” explains Curtis Sumner, executive director emeritus of the National Society of Professional Surveyors (NSPS). They are commonly used to establish boundaries when new parcels of land are being developed.
When Might You Need a Property Survey?
A property survey might be required when purchasing a home, depending on your location. Lenders and title companies often need a survey to finalize a home closing, although it’s not universally mandatory. Sometimes, a previous survey can be used instead of a new one.
Surveys are also essential for confirming established land boundaries. For instance, if you’re planning to install a fence, you need to know precisely where your property ends and your neighbor’s begins.
According to Emory Wooll, president of Elite Choice Title and Escrow Corp, property surveys are also required for lender title insurance policies.
“In order for a title insurance policy to be issued, we need to know if there are any encroachments on the property prior to closing,” Wooll says. “They’re usually done before a home purchase, or, say, if someone is putting a pool in or a fence.”
Municipalities or contractors often require a property survey before issuing permits for major renovation projects, such as additions.
Types of Property Surveys
There are various types of property surveys, each serving a specific purpose:
- Land surveys: Detail the boundaries of a parcel of land.
- Topographic surveys: Illustrate the plane and elevation of the land, often required for road improvements.
- Monumentation surveys: Used when adding a fence to your property.
- As-built surveys: Determine property lines and identify where improvements or additions, like driveways and sidewalks, can be made.
- Mortgage surveys: Similar to as-built surveys, they show property boundaries for mortgaged properties.
- Floodplain surveys: Indicate flood hazard areas.
It’s crucial to specify your needs when requesting a property survey to ensure an accurate estimate.
How Much Does a Property Survey Cost?
The cost of a property survey hinges on the type of survey needed, the property’s size, location, and history. According to data from HomeAdvisor, prices typically range from $376 to $768, with the average cost being $543. However, costs can increase significantly for large, unusually shaped properties or those with difficult terrain. Complex property features and historical records also contribute to higher survey costs.
Alt text: A female surveyor uses a theodolite to perform a land survey on a residential property.
While the duration of a property survey varies, Wooll estimates they usually take about a week to complete.
After the survey, it’s wise to place permanent markers at the property boundaries and store multiple copies of the survey in safe locations, including with your bank.
How to Find a Surveyor
Online searches for property surveyors in your area are a great starting point. According to Sumner, “There is a surveying society in each of the 50 states, all of which are affiliated with NSPS. Each of those societies has a website, which will typically include a ‘Find A Surveyor’ section.”
Using the previous surveyor, if possible, can be cost-effective since they already have maps and records. If not, try contacting surveyors who assessed neighboring properties. Recommendations can also be obtained from your title company, real estate agent, or lender.
Sumner advises verifying that the surveyor is licensed in the state where the property is located and discussing your specific needs beforehand.
Where to Find an Existing Property Survey
If you’re buying a home, ask the seller to check with their lender and/or title company for an existing survey. The local tax assessor’s office might also have one on file.
Existing homeowners can check with local property records or engineering departments. However, be aware that older surveys may be outdated, especially in areas that have undergone development. Checking with neighbors might also provide leads.
Bottom Line
Whether you’re required to have a property survey by a lender or need one for a renovation project, it’s a valuable resource. Understanding your property boundaries can prevent disputes with neighbors and potential legal issues, making it a worthwhile investment. Knowing “how much is a property survey” empowers you to plan effectively and secure your property rights.
