Feasibilities: How to Assess Your Building Costs and Profitability

Building With BuildHer

I’m super excited to get into today's topic, because it's one that I've been talking about a lot with our community. It also seems to be something that we as whole are struggling with.

In this episode, I’m giving you an overview of feasibilities and the best method to accurately assess your building costs and profitability.

Why Feasibility Studies Matter

So, why do we need a feasibility study? Whether it's your own home or you’re working on a for-profit project, you need to understand the numbers. This means knowing what your build will actually cost, what you can afford and then whether it's actually a good investment or not.

I take you through the fundamentals of feasibilities: understanding what the numbers are telling us, working out how the scope of work will come together, comparing sales and checking it all against our vision and value proposition.

Determining the Final Cost of the Build

Feasibility studies are more than just plugging numbers into a spreadsheet - they require a meticulous breakdown of the project scope so that every detail, from the materials used to the construction methods employed, is factored in.

It might mean you have to make adjustments to your initial vision or design, but trust me - running your numbers upfront can seriously help mitigate the risk of any unwanted surprises!

Financing Your Project

There are a lot of financing options available out there, and they all depend on the nature of your project. Home builds or renovations might leverage traditional construction loans, while a commercial build may explore options like joint ventures or private investments. A feasibility study can play a crucial role in securing financing, where you’re able to provide lenders with a clear picture of the project's projected costs and potential returns.

If you’re like me, it’s possible you’ve made mistakes before when running numbers or working out the scope of your project. But in the end, it doesn't really matter - it’s all about getting back on your horse and becoming better each time.

So, join me today and get the rundown on how to assess the financial viability of your project, which will help turn your building process into a well-oiled machine!

LINKS:

Resources mentioned:

Fast Feasibility Mini Course

DevelopHers Inner Circle

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