What is a Feasibility Study?
Posted by HiLine Hal
May 18, 2019
The decision to build your dream home rather than buy an existing home is exciting, although it can bring some feelings of apprehension. There are terms such as feasibility study and site plan that you may have never heard of. This article will focus on defining what a feasibility study is and touch on the benefits.
We’ll also reveal why it’s vital to have input from a Home Consultant while finding a property to help overcome potential obstacles.
Finding the Right Property
Finding your property is a thrilling time! Stepping onto a piece of property that may be “the one” can be exhilarating with all the possibilities. There are a lot of opportunities, but there is also caution when considering the property on which to build your dream home. Each property will have its own unique challenges and benefits. That is why a feasibility study is so important.
What is a Land Feasibility Study?
A feasibility study is the act of analyzing the project systematically to determine if it is capable of being carried out successfully. A land feasibility study takes into account all the features and challenges of a plot of land to determine if building on it is practical.
Conducting a Feasibility Study
A Home Consultant can provide information that will help you determine if the property fits your family’s needs. Here are just some of the items to consider during a feasibility study.
What are the challenges of the property?
What makes the property difficult, or what will need to be addressed? Think about the landscape and foliage on your property that will need to be dealt with. Things like trees, slopes, or wetlands can be challenges you may have to overcome. When thinking about challenges, think, “How will this affect my budget?” Compile your list of challenges or potential setbacks.
Will utilities be available?
Think about the utilities you’ll need on your property, and how difficult or easy it will be to set them up. You’ll need to consider the standard utilities like electricity, water, natural gas, and sewer or septic systems, as well as costs involved in getting them on your property.
Will this property meet my family’s lifestyle and budget?
When you feel you have enough information regarding the property it is time to start your home order. You would do this by setting up an appointment with your Home Consultant. Included in the HiLine Home order process is an on-site evaluation of your property.