When you’re a buying a home, the costs tend to rack up at a dizzying rate. Closing costs, fees, a down payment—the list goes on. And with the current housing market, you’re lucky if you’re getting a house anywhere close to what it’s listed for. You may be thinking one area you can save when it comes to a mortgage valuation survey is on the surveyor.
Unfortunately, this may not be a wise course of action. While you do want to stay within your budget, there are plenty of other considerations you’ll need to keep in mind. Let’s consider what role cost should play when hiring a land surveyor.
Find the right land surveyor
Beyond price, you should consider the land surveyor’s competence, service and responsibility. Like everything else in life, low cost and high quality don’t correlate well. Land surveying is an exact science that requires careful consideration and plenty of time.
Land surveyors may be able to provide a price ahead of time, and it’s one thing to consider. However, it’s not always clear exactly how much work will be required before the survey begins. You should expect some flexibility when it comes to a surveyor’s initial estimate compared to the final cost.
The cost of land surveying
That said, you do need to have some reasonable expectations in terms of price. The average mortgage survey goes for around $500. This price is entirely dependent on the property’s location, size, history and other factors. If you have a larger or more topographically complex property, it’s possible any land surveying work could cost considerably more.
The typical cost per acre ranges anywhere from $50 to $500. This depends on how wooded the property is, the size of the lot and how many property corners need to be marked.
The process of surveying
Since land surveys aren’t taken regularly, things may have changed since the last time the property was surveyed. For example, the ground shifts and trees or rocks that were initially documented may have been moved or no longer exist. Coastal and waterfront properties, in particular, are likely to see plenty of changes. The land surveyor will need to take all of this into account and may have to reestablish boundaries.
Part of a land surveyor’s profession involves researching the property and going over the data in the property’s deeds and official records. With well-documented properties, this will not take as much time, and therefore will save you money. But for properties that require a lot of travel time and some deep digging to find data, you should expect to pay up.
Are you looking for the pros to conduct a mortgage valuation survey? Then it’s time to work with D.G. Smyth & Co., Inc. We are here to help you with a wide range of services, from title and boundary surveys to topographic surveys and more. We have accumulated more than nine decades of experience, meaning our team has seen it all. Call us today to find out more about how we can tailor our extensive experience to meet your unique needs.