What is a Feasibility Study in Construction?
By undertaking a feasibility study in the early stages of development, you can assess the best route to take for your construction project.
Before jumping into an exciting new construction project, it’s important to plan properly. Otherwise, you risk stumbling into legal restrictions, delays, or additional costs when you’re already knee-deep in brickwork. By undertaking a feasibility study in the early stages of development, you can assess the best route to take for your project.
What are feasibility studies in construction?
A feasibility study assesses a proposed construction project and determines whether the project is technically, financially, and legally feasible. It takes place before the design process begins.
For large or complex projects, feasibility studies allow clients to budget and prepare a timeline before significantly investing. Feasibility studies consider project planning rules, like covenants that must be followed or permissions that must be granted. These issues could stop or slow the building process and add extra costs.
Therefore, it is important to know any legal requirements before building. As part of this, you may need to contact stakeholders, authorities, or other third parties.
Technical feasibility studies will check whether the project can be viably completed with available materials, tools, and expertise. Do any existing structures need to be demolished before construction begins? Can any structures be repurposed?
They will also check that it is accessible according to the Equality Act 2010 and ensure the land and surrounding area are suitable for the project. You don’t want to build on a sinkhole!
Financial feasibility studies review the client’s project budget and the estimated costs. They assess whether the construction project is viable. This means you can properly prepare for any expenses that are likely to arise. It will also investigate the local market conditions and the likelihood of businesses generating sufficient income from the project.
What happens after feasibility and viability studies are completed?
Feasibility studies will analyse the project and provide a few different proposed options for its development. This allows the client to consider routes that might be more cost-effective, practical, or lucrative.
Once you have settled on a path forward, you’re ready to proceed. With full awareness of the requirements to start the project, the team can apply for legal permissions and design the blueprints. You can rest assured that everything has been considered and just enjoy the process of seeing your vision come to life.
A feasibility study is a crucial and vital part of beginning a construction project. At FormFive, we offer all clients a free viability study to avoid any potential risks. To learn more, you can get in touch by calling 01604 218 700 or emailing us at hello@formfivegroup.co.uk today.
Latest News
Sustainability equals best value
The cost of living is rising, energy prices are the highest in recent history and we are all feeling the pinch….. but there is a solution.
Rising costs in the construction industry
We’ve been asked loads on the affects of rising costs in the industry at the moment – things like ‘what are you seeing Matt, how are you tackling it, how are you communicating it to the team and why and when is it going to stop?’
Office fit-out in Colchester complete
Our office fit-out project in Colchester is progressing nicely. Two weeks in and we are delivering against the programme and to our high standards.
Looking for a clear way forward with your next building project?
Struggling to see how you get your project to completion? You don’t need to go it alone.
With our proven track record, extensive experience and a powerful supply chain, we’ll get your project to where it needs to be.