What is the Difference?
Regulatory review. Feasibility study. If you are involved in a building project, you may have heard these terms. While they may sound similar, it is important to know the differences between them. Both are equally central to the building process, and in some ways, they go hand in hand. Learning about the advantages of both will help you tackle your construction dream with confidence.
What is a Regulatory Review?
A regulatory review looks at the allowances and limitations of a potential building location. It evaluates what can and cannot be constructed on site. Ensuring compliance with local regulations and identifying potential issues that may impact the development project. This involves an in-depth assessment of legal parameters, building codes, permits, zoning restrictions, environmental regulations, and other local requirements. By performing a regulatory review, you confirm that your building project will be legally possible and cooperative with local rulings.
What is a Feasibility Study?
A feasibility study looks at economic viability and the likelihood of a building project to succeed in a specific location. Basically, whether an owner stands to profit. It assesses a project’s practicality by analyzing technical, economic, financial, legal, and operational factors. These include market potential, profitability, cost, risks, and potential returns on investment. By performing a feasibility study, you determine whether your project is worth pursuing on the site you had in mind.
So, which one is right for my project?
You may have a vision for your project, but you’re not sure what to do next. Your next step should be a regulatory review and a feasibility study. These two preliminary assessments are equally important to the building process. With a regulatory review, you can check whether your building can exist within the laws and statutes of a site. A feasibility study measures whether your building will bring value at its intended location. Together, these examinations explore the possibilities and limitations of your vision and help set your project on the right path.
Sometimes you just need to speak with someone. And thats where we come in! We would love to sit down and discuss you project with you. Learn about your needs and wants. Find out whats driving your vision and where you see this project benefiting and evolving in the local community. Contact us today and lets get your project from concept to creation.