There’s a lot of research you have to do when you’re thinking of purchasing an investment as big as a home. This research is also called completing due diligence, which is a real estate term. Essentially it means that you know exactly what state the house you want to buy is in, and that you’ll be prepared for whatever happens. (Of course, with some things out of your control, you can cover them with a home warranty or home insurance.) If you want to see a list of what your due diligence looks like when buying a home, we have published the Complete Guide to Due Diligence here.
One of the things that you should complete (but sometimes don’t have to, depending on your mortgage company) is a property survey. It may not seem like a big deal, but not having a property survey completed, and not following up with the surveyor can create some disastrous results. Don’t believe us? Just wait. But first, let’s look at what a property survey actually entails: