A construction feasibility study is an essential step for any developer or investor planning to undertake a new build. It helps assess whether a project is financially viable, technically possible and compliant with local regulations. Conducting a thorough feasibility study can save you significant time and money by identifying potential issues before the project begins.

Here’s a look at the top factors you should consider in a construction feasibility study:

• Site conditions and location – Before you break ground, understanding the site’s physical characteristics is critical. A thorough assessment of the land will help determine if it is suitable for your planned construction. For example, what are the topography of the site and soil quality like? Are there environmental challenges or infrastructure conditions to consider?

• Zoning and regulatory compliance – A construction feasibility study ensures that your project complies with local zoning regulations, building codes and other municipal laws. Key zoning factors include land use, building codes, permitting and environmental restrictions.

• Market demand and financial viability – The financial success of your project depends heavily on the demand for the type of construction you’re planning. A feasibility study evaluates this.

• Project design and buildability – The design and buildability of your construction project will heavily impact its feasibility. This part of the feasibility assessment evaluates whether the architectural and structural design is realistic given the site’s conditions and local building codes, and whether the plans are practical and possible to execute. A construction consultant will evaluate if there are any foreseeable obstacles that might complicate or delay construction.

• Timeline and scheduling – Establishing a realistic timeline is another key element of a construction feasibility study. This involves estimating how long each phase of the project will take, identifying the key tasks that need to be completed on schedule for the project to remain on track as well as assessing labor availability.

• Construction costs and financing – Understanding the costs involved in a construction project is a critical part of a feasibility study. You will need to gather detailed estimates of construction costs, including materials, labor, machinery and contingencies. You’ll also need to identify funding sources for your project and put together cash flow projections.

• Risk assessment – All construction projects come with some degree of risk, but a good feasibility study (and construction consultant) will identify and address them early.

A construction feasibility study is essential for ensuring project success as it helps you make informed decisions before committing to the investment.

If you’re ready to start your feasibility study or need assistance in evaluating a construction project, contact our team at Seacoast Consulting Group. Our team has decades of experience in guiding clients through the feasibility assessment process and ensuring successful project outcomes.