When purchasing real estate, some lenders will require a survey of the property. With most investment, short-term and hard money loans however, the survey is optional (as with cash purchases).

The cost of a survey is typically fairly minimal, a couple hundred dollars. When the property is waterfront, heavily wooded, rough terrain and/or especially large, the survey can run into a few thousand dollars.

By getting a survey, you will not only see your property lines, you also see any encroachments, easements, infringements or right-of-ways on the property. Encroachments and infringements can pose problems that you may want to have corrected prior to closing on your purchase (such as a neighbor's shed on the property). Easements and right-of-ways are generally not problematic; however, they are good to know, especially in the case of a flag lot or a piece of property with development potential.

Whether it be for the short term or long term, real estate is an investment. You want to make sure that you know the exact details of your investments. Whether you are buying or selling real estate, it is a wise idea to spend a few extra bucks and survey the property.