A property survey determines what piece of land belongs to you and what is outside the legal and physical boundary line. The property may be surveyed at any time, but it is recommended that while you are planning to buy or construct a house, you should get the land surveyed. The reason people do a property survey is to avoid future boundary disputes that they may have with their neighbours or other people.
1. Boundary Survey
The boundary survey concludes the property lines. Herein the perimeter of the property is set to figure out how much land is within it.
2. Land Survey
This survey is helpful in determining all the property boundaries. The land survey sets the base for all the property dealings.
3. Construction Survey
This survey helps in marking the points for building the structure. The details should not be avoided in this survey. One misstep can create many problems further down the line.
4. Location Survey
Location Survey is an essential step in conducting the surveys because this establishes the improvements in the land area.
Different geographical regions conduct different kinds of surveys. The reason being that property surveys need to follow legal courses of that particular geographical area. And if you are wondering how much is a house survey, then that also depends on various factors. The property surveyors have their set of rules, and there are city or town rules that everyone has to abide by. The total area of the land, the type of land, and the location of land also vary the costs of house surveys.
1.1 The Purpose and Scope of Investing
When you are investing in a property survey, your mind should be clear about the investment purpose. The intention of investing should bring profits to you or some form of satisfaction. Without a clear goal in mind, the plans can go off the rails, and the whole project can fall through.
Furthermore, knowing what the investment will bring to you is important. Will you buy the land and use it for yourself or are you planning on buying and leasing the land.
1.2 Value of the Property
The value estimation will help in determining the financial values. The cost of land, the listing prices, the investment analysis, and taxation depend on a thorough valuation of the whole property. The valuation process is complex, but doing it as soon as possible can save you time. There are different approaches to assess the property value, including cost approach, income approach and sales comparison approach.
1.3 Target for Cash Flows
If you make up your mind to lease or sell the land, then you can expect some funds from rents. Moreover, some cost benefits can be availed after renovating the place and selling it for a better price.
Property Surveys help in assessing the land boundaries for an area. There are different types of land surveys conducted for various purposes. Before investing in a property survey, one has to remember a few points to have that investment’s worth. So, knowing how much is a house survey and the purpose of investing is crucial.