Buying a new home can be an exciting and joyful time. It is often a measure of success for individuals and a personal goal of many couples. However, purchasing residential real estate is undoubtedly one of the most expensive ventures those in New Jersey can undertake, so it is no wonder they may look for ways to reduce the financial impact. However is skipping the property survey a good idea?
A property survey may cost a homebuyer hundreds of dollars. For that price, the new owner will have a clear picture of the boundaries, dimensions and possibly the topography of the property. This is not just a nice souvenir; it can actually reveal any complications that may exist, such as the encroachment of a neighbor, easements, discrepancies in the acreage and other problems. It will also let a potential buyer see if structures on the property cross the boundary lines into neighboring land.
If someone is purchasing one of the older homes in New Jersey, the existing survey may not accurately portray the extent of the property. Were there easements or changes in the boundary lines over the years? Has a neighboring property owner adversely possessed part of the land? In some cases, older surveys become lost or destroyed as time passes, so a new survey may be critical protection for a property owner.
Homes in newer developments may have clearly marked boundaries and relatively new surveys. This may make paying for a survey an unnecessary expense. However, if there are questions about the boundaries, improvements or other aspects of a residential real estate purchase, consulting with an attorney is a good first step to obtaining an accurate and updated survey.
