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What is the Point of a Feasibility Study?

Before you go ahead and start to make plans for your new building it makes sense to get a feasibility study done.

Why? Well, as the name suggests, this type of study is a preliminary look at your project. The point of it is to help you and your designer determine whether the project actually makes practical and financial sense. Not all do…

Not only will a feasibility study give you the confidence to know that what you are doing is not throwing money down the drain in the sense you probably will get planning permission. But such a study can also introduce better ideas for your building ones which you perhaps had never even though possible when you first considered the project.

What a feasibility study looks at

Such a study can prove very in-depth and cover several different topics it’s necessary to look before you begin project. These include:

· Looking at the engineering technical and design side of the building is it possible?

· Working out how long it will take

· Assessing the overall cost of the project

· Looking at housing demand and the potential selling price (if it is a Build to Sell proposition)

· Whether there are any time constraints (ie. money-wise or whether there is other architectural building work planned in the area etc)

To carry out a thorough feasibility study your designer must research the actual site history where you plan to build. The local Council’s planning policies will also have to be examined, together with the area.

What a feasibility study involves

Firstly, a chat through ideas where both you and your designer sit down and create together the concept of your dream project. She or he will listen to your ideas and then contribute their own so that the final outline is a collaboration (rather than the designer ‘dictating’ their own ideas).

Next a sketch of the build is produced and then a report on the cost of the build (labour and materials, planning permission costs etc) put together. This way you can choose to alter the design if it proves too expensive or expand if it is less than you predicted.

A feasibility study should be exhaustive ie leaving no stone unturned. That’s because it is much easier to halt the idea of a project before it’s begun rather than abandon it halfway through – and with all the expense that will entail. For this very reason it is the case that not all New Build projects in London are undertaken. Take heart though in the fact that the majority which undergo a feasibility study are often embarked upon.

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