We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.
For those relocating to Austin from another part of the country, the idea of getting a survey is probably unfamiliar. So this week we’ll talk about what a survey is and why it’s important.
A property survey is a sketch map of a specific property showing its boundaries and other physical features like easements, potential encroachments and property setbacks. A residential property survey report also shows the relative location of a house, out-buildings, swimming pools, decks and fences on the property, and it usually includes the position of any public or municipal easements.
Do I Really Need a Survey?
The short answer is ‘yes.’ Property surveys are performed for a variety of reasons, but usually because the buyer’s lender requires it before making a loan and many title insurers as well. They may be required by local law or ordinance whenever property changes ownership.
Let’s take a practical example though. Say you are buying the house and planning to add something – even as simple as a deck or pool. If the old survey does not show the correct property setback lines, or if there has been a new utility easement recorded, you might not be able to make your improvement. To us, that’s not a risk worth taking.
Looking for a Real Estate Expert?
Our team has a combined 55+ years of experience helping home buyers understand the r. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.