31 Aug 4 Steps in Architectural Feasibility Study
A real estate architectural feasibility study helps an investor in assessing the merit of a potential real estate investment. It strives to determine if there is a market for such an idea, whether the plan is financially viable and if it is worth dedicating time to.
Before proceeding with any real estate project, it is important to have a feasibility test on it. For success in this, you should find one of the architects Atlanta companies with the right equipment, resources, and a trained team.
A preliminary feasibility study ought to be done at the idea stage of a project and needs to be validated as soon as the concept design is completed. It can be validated again upon the completion of the design.
There are 4 steps in this:
Understanding the Real Estate Location
A feasibility study starts by understanding the location and any other construction going on in the area. Zoning codes are considered determining what can be built right without variance. The feasibility study seeks to analyze other projects in the area and advice on the project’s return on investment. The project can either be approved or variances suggested.
Determination of the Massing of a Real Estate Project Through the Right Feasibility
What follows is laying out the building massing. Once site parameters are defined from the zoning code, a 3D site plan of the building massing helps in determining the ideal project layout. The massing includes all floor’s footprints, buildable open area, and the buildable maximum height. On this step, the real estate project starts coming together.
Drawing Unit Counts, Elevations, and Overall Floor Plans
This is a more detailed process after building massing. A good feasibility study will get all the units drawn within the massing. Only one line separates the units, and this is thus not a schematic design. The main aim of a feasibility study in this is getting a rough idea of the scope of that project. When the units are placed, building penetration and massings are added. The package is created once the massing has details.
One crucial tip in this is looking for architects Atlanta companies that operate on 3D virtually on a computer. It must work in 3D to get all design possibilities. Builders who engage architectural firms that do not use 3D software end up missing out on a lot
Putting Together the Feasibility Package
What follows is efforts to make the package look pretty and data easy to retrieve. A good project study will have visuals, massings, and data for the potential investor to buy. A good feasibility study ranges from 5 to 20 pages in length. The cost of a feasibility study varies based on the complexity of the project.
By getting an assessment of the practicality of an architectural project, you will be in a position to save time and maximize efficiency. To get started, you will need to have your deed ready and in most cases pay 50% upfront. For reliable feasibility study reports, only go for the best architects Atlanta companies.