3 Things To Know About Having An ALTA Land Survey When Buying Vacant Land
You might have found the perfect plot of vacant land to build your home on, or you might be thinking about investing in vacant land so that you can make money off of it later. You might have heard from others that having an ALTA land survey is a good idea when you're buying vacant land, but you could want to know a little more about these surveys and how they pertain to you and your land purchase. These are a few things that you will probably want to know.
Your Lender May Require It
If you are thinking about opting out of getting an ALTA survey done or if you are thinking about just having one done later, you should know that your lender might require you to have it done. Many lenders that grant loans for homes or land require land surveys to be done. If the land is vacant, then there might not have been surveys done on it in the past. This means that the mortgage company might require you to have an in-depth ALTA survey done rather than a simple boundary survey. If you aren't sure about what your lender requires, ask your loan officer.
It Might Cost a Little More
Because ALTA surveys are a little more in-depth than your traditional boundary surveys, they are often more expensive. You will need to budget for this when making your purchase. Of course, the cost of the ALTA survey is going to vary based on the size of the vacant lot, the topography of the lot, and the land surveyor who you hire for the job. Call around to find out how much you can expect to pay for your land survey.
It'll Provide You With Very Useful Information
Having a comprehensive land survey done on any piece of property that you purchase can be a good idea. However, it may be even more important for a piece of vacant land. Since you'll be the one who has to put in the septic tank or sewage lines, the well or water lines, and more on the property, it's important to have a good understanding of the piece of land. Luckily, an ALTA survey can provide you with a ton of useful information that can help you when you're making plans for what to do with the property.
If you are planning on buying vacant land in the future or if you have already picked out the property that you want to purchase, you should learn a little more about ALTA surveys. If you contact a licensed and experienced land surveyor in your area, they should be able to tell you a little more about these surveys and help you with the process.