If you are a property owner, at some point you should have had a land survey. Some mortgage companies still require one, but even if yours did not, you need to invest in one to protect your long-term interests. Varous types of these surveys exist, so you can choose the one best suited to your needs. Even if you have owned your property for years, you should have a recent survey on the books.

Maintaining Boundaries

You and your neighbors may be operating with the wrong boundary information. For instance, you could each have your property fenced in, so you assume the fences mark the true boundary lines. Often they are not correctly placed. Older fences could be anywhere from inches to yards off of the actual property line. You might have a tool shed on your neighbor's property, or they could have their garage five feet into your land. Although you might agree to live with this issue, it can cause real problems down the road if either of you decide to sell. You need to know where the boundary lines actually are so you can decide on how to fix the problem. 

Commercial Building Reports

If you planning to buy a commerical building, you should invest in a building survey. These surveys report on every aspect of the commercial building's condition, and let you know exactly what type of maintenance the building currently needs or can be expected to need in the future. Even if you are just planning to lease the building, you should have one of these surveys done if you are responsible for any of the maintenance. As the experts note, you may be able to use this information to negotiate a better sale price or yearly lease amount. 

Flood Plain Surveys

If you are planning to buy a property in or near a flood plain, you need a survey for several reasons. You need to know if you are in a 50 or 100 year flood plain for insurance purposes and to comply with FEMA regulations and expectations. A flood plain survey can identify the danger areas on the property and help you prepare for possible flooding. 

Land surveys are not one-size-fits-all. Some are much more in-depth than others. Your individual property will help you determine the type of survey that you need. Do not try and save money by going without needed surveys. The legal and financial consequences of doing so can be devastating.