Embarking on a new building project is an exciting endeavor, but before diving into the planning phase, a crucial step often overlooked is a feasibility study. As the name implies, this preliminary assessment is designed to evaluate whether your project is both practical and financially viable—ensuring you're not investing in an unattainable dream.
A comprehensive feasibility study provides more than just reassurance for potential planning permission; it becomes a catalyst for innovative ideas that might not have surfaced in the project's initial contemplation.
Key Components of a Feasibility Study:
A thorough feasibility study delves into various facets to provide a comprehensive overview before the project initiation. Key considerations include:
Engineering and Technical Feasibility: Examining the practical aspects of the building's design and construction.
Project Timeline: Estimating the duration required for project completion.
Cost Assessment: Evaluating the overall financial investment encompassing labor, materials, and planning permission expenses.
Market Demand: Analyzing housing demand and potential selling prices, particularly for Build to Sell propositions.
Time Constraints: Identifying any time-related constraints, such as budget limitations or concurrent architectural developments in the area.
The Feasibility Study Process:
Conducting a meticulous feasibility study involves an in-depth exploration of the project's context. Site history, local council planning policies, and the surrounding area must all be scrutinized. The process unfolds in distinct stages:
Idea Exploration: Collaborative brainstorming sessions between you and your designer to shape the concept of your dream project. An inclusive approach ensures the final outline is a synergy of both your ideas and the designer's expertise.
Sketch and Report: Generating a conceptual sketch of the build, accompanied by a detailed report on projected costs. This allows for informed decisions, enabling adjustments to the design based on financial considerations.
Exhaustive Examination: A comprehensive approach leaves no aspect unexplored, allowing potential challenges or cost implications to be identified before breaking ground. This proactive stance minimizes the risk of abandoning a project midway due to unforeseen hurdles.