You have a plot of land that you have been planning to develop for a while. You have an image of your ideal building in your mind, and you can’t wait to get started. But before you break ground, have you considered conducting a feasibility study?
You see, undertaking a feasibility study before building a commercial or residential property on your piece of land is crucial to avoid costly mistakes, time delays, and potential legal issues. A feasibility study assists you in evaluating the viability of your project, spotting potential roadblocks, and determining the project’s sustainability from an economic, social, and environmental standpoint.
In this article, we’ll explore five benefits of conducting a feasibility study before building on your land.
Identify Potential Problems:
A feasibility study can help you find potential issues with your project before construction even starts, which is one of its main advantages. You can evaluate your site’s suitability, the resources that are available, and the effects that your proposed development will have on the environment by conducting a thorough analysis of it. A feasibility study can also help you identify any zoning restrictions, regulatory requirements, or other legal barriers that might impact your project.
Establishing Financial Viability
You can use a feasibility study to assess your project’s financial viability. By conducting a cost-benefit analysis, you can estimate the total cost of construction, as well as the potential return on investment (ROI) of your project. You can also identify any potential funding sources, such as loans or grants, that might be available to support your project.
Maximize Land Use:
You can make the most of your land’s potential by conducting a feasibility study. By analyzing the highest and best use of the property, the site’s topography, soil conditions, and other factors, you can determine the best use for your land. The highest and best use principle refers to the reasonably probable and legal use of property that is physically possible, appropriately supported, and financially feasible, and that results in the highest value.
Create a Realistic Project Timeline:
With the aid of a feasibility study, you can create a reasonable project timeline. A thorough schedule that specifies the deadlines for each stage of the project can be made by analyzing the construction process and locating potential delays. This may help you avoid costly delays and ensure that your project is completed on time and within budget.
Increase Stakeholder Buy-In:
And finally, a feasibility study can boost support for your project among stakeholders. By involving key stakeholders, such as investors, community members, and government officials, in the feasibility study process, you can demonstrate that your project is based on solid research and analysis. This may contribute to gaining project backing and increase the likelihood of its success.
Are you planning to develop a commercial or residential property in any part of Kenya? Ebony Estates is here to help you.
As one of the leading real estate companies in Kenya with a wealth of experience in property development, we can provide you with valuable insights and guide you through the feasibility study process. Our expertise in the local market will help you assess market demand, identify potential risks, and secure financing options. We understand the complexities of property development in Kenya and are committed to ensuring your project’s success. So why take on this challenge alone?
