1. Prevent Budget Blowouts
The biggest asset of a feasibility study is that it prevents those budget blowouts that always seem to tear relationships apart on The Block. The first aspect of a feasibility study involves carefully assessing your budget and what can be accomplished within its restraints.
At HARPER, we sit down with our clients and discuss how realistic their dream home is in conjunction with their budget.
We can suggest areas in which money can be saved in order to keep their bank account in the positive, and aspects of the build that need professional services that are worth paying a little extra for. Yes, fully trained plasterers are worth every penny!
2. Know the Hidden Costs
A new home build comes with many costs that will often take you by surprise. The whole point of a feasibility study is that nothing comes as a shock.
Every possible cost is clearly outlined and planned for. Here are just a few of the extras that often catch homeowners off-guard:
- Application fees for building consent.
- Council costs.
- Soil and contour tests.
- Driveways, fencing, retaining walls, etc.
- The connection of services such as phone lines, water mains, electricity and sewage.
- Site costs (in the case of sloping sites that require specialist attention).
- Road closure or disruption fees during construction.
- Environmental considerations (your property may be in a flood-prone area).
- Subcontractors fees (where a professional is required: plumbers, brickies, sparkies etc.).
3. Have a Succinct Timeline
A feasibility study also includes constructing a timeline of events, so that you know how long your home build is going to take. You will, after all, have to consider paying rent and mortgage simultaneously.
A feasibility study allows you to plan a budget for other aspects of your life. Wanting to go on a holiday? Your home improvement and build timeline will help you plan for when this will be possible based on when payments are due during the process.
4. Reduce Risk
Every new home build has its challenges. But it’s possible to prevent setbacks by analysing all potential problems before they occur. Troubleshooting solutions for these imagined issues is just one way to keep complications from arising.
To be aware of all possible challenges means less likelihood of stalls in progress, and a smoother, stress-free home build! With a feasibility study, your home build will be analysed from every angle to ensure that you don’t meet any nasty surprises during the process.
If you’d like to learn more about how you can prepare a comprehensive Project Feasibility Study, we’re happy to help.
