Types of Home Surveys
- The property boundary survey consists of locating and marking the property corners. These surveys are conducted when buying a home and when making home improvements such as additions and fence installations. A surveyor will come out to the property to complete the mapping and staking before returning to the office and to put together a detailed drawing depicting the lot dimensions. This drawing is given to the property owner for reference.
- A valuation survey has become standard when purchasing property because lenders require it before approving your mortgage loan. This survey assesses the condition and value of the property, inspecting the roof, electrical, plumbing and other possible hazards in the process. Though you pay for this report, when finished it is sent directly to your lender and you must contact the lending institution to get a copy of it.
- The home buyer's report is a mid-level survey. It is more in-depth than a valuation but not as in-depth as a full structural survey. This survey assesses the condition of the property and will detail any problems that require urgent repair. The final report also includes information on the rebuild cost of the property and any problems that could affect the property's value in the future.
- The full structural survey is the most in-depth of the surveys. It not only covers the building itself, but can be extended into the immediate environment surrounding the property. Due to the detail of the survey, the final report is likely to scare the potential buyer because any and every immediate problem and possible problem is brought up. The good in this is that you have the most complete picture possible of the property's current condition.