Question - Do I need a survey when buying a townhouse?

Answered by: Stephen Cooper  |  Category: General  |  Last Updated: 17-06-2022  |  Views: 1316  |  Total Questions: 14

A few years ago, lenders usually required a survey of the property as a requirement of obtaining the loan. Today, most lenders no longer require the purchaser to get a survey. However, even if your lender does not require it, you may want to purchase a survey because of the many benefits it offers. Lenders don't generally ask for a survey for a requirement on townhouses and condos so it's not uncommon that they don't need one either. Condos are often cheaper than townhouses because they come with no land. The exterior of the units, plus land and any improvements, is considered a common area and owned collectively by all condo owners in the community. Monthly cost and maintenance are the defining features of condos. To many investors, townhouses represent attractive investment options because of their low cost of entry, numerous community amenities and nearly maintenance-free environment. Because land typically comes along with a townhouse purchase, many investors also expect high appreciation for these properties. Answer: No, condominiums do not need to be surveyed. The property lines around the perimeter of a condo project will include all the common area, parking lot, pool, etc. and all the buildings on the land. So no, condominiums are not surveyed when they sell.

Homeowners, contractors, business owners, architects and more all depend on land surveyors when buying or selling property or beginning a construction project. Surveys that are incorrect could lead to faulty or misplaced construction, which can be an incredibly expensive fix.

Want to check the history of a property and wondering, "Where can I get a copy of my property survey? " Many of the details regarding your property are public records and property survey maps are free; this includes previous surveys, which are recorded and filed with the county clerk.

Building or full structural survey It's very extensive and in some circumstances worth the extra money but it does not usually include a valuation. Although this survey can't look under floorboards or behind walls it should include the surveyor's opinion on the potential for hidden defects in this area.

The survey will also include a written description of the property, the street address, the location of buildings and adjacent properties, and any improvements a homeowner can make to the land. A property survey also includes things like right-of-ways and easements.

During a sale, the person who wants the survey is the person who pays for it. There's no hard and fast rule designating who pays for the property survey in a home sale—it often comes down to who wants one. If the buyer wants it, the buyer pays. If the seller wants it, the seller pays.

Well, that depends on the type of land. If it's in an area of low development, where not much construction has taken place, five to ten years old would be appropriate. Any older than that and it's a good idea to have it surveyed again, just to make sure there are no inaccuracies.

If you've had an offer on a property accepted, then it is advised you organise a survey before taking any further steps. But a survey is not a legal requirement for buyers; they exist to offer you further advice and information about the property.

Here are a few reasons a land survey can help prevent problems: Possible encroachments on your potential property can become bigger issues down the road. A survey can reveal if there's any property line or property corner disputes with the property. A land survey will help protect your investment.

Townhomes have the same financial advantages but are generally less expensive than single-family homes in the same neighborhoods. Townhome owners also tend to pay lower utility bills because the townhome shared walls help prevent heat loss.

The owner of a townhouse is usually solely responsible for paying taxes on the home and the land it's built on, but that square footage, on average, is far less than the typical single-family home. Therefore, the taxes for a condo or townhouse are usually lower.

The Pros and Cons of Buying a Townhome or Rowhouse When You're Okay With Sharing a Wall or Two. Townhomes May Be Cheaper. HOA Fees Can Get Expensive. (Some) Maintenance Is Part of the Package. Plenty of Living Space. Townhomes Have Smaller Yards. Look Out for Pet Restrictions. Freedom of Expression?

Unlike detached single family homes, townhouses may not appreciate in value very much or even at all. This could harm your return on investment potential when you sell the property. Limited Use: Since your townhome is part of a complex, you must abide by the rules.

Advantages And Disadvantages Of Buying A Townhome Hard to find financing. Although they are less expensive than most single-family homes, getting a mortgage for a townhouse isn't always easy. Lower maintenance. Typically in urban areas and close to transportation. Limited to what you can do.

Tips for buying a townhouse Consider hiring a real estate agent. Real estate agents can act as a guide and advocate when purchasing a home. Know the costs of townhomes in your area. Know the HOA fees and what they cover. Prepare for a possible bidding war. Shop for the best mortgage rates. Get preapproved for financing. Get a home inspection.