What Is A Feasibility Study?
You might know to include one, but you should ask “What Is A Feasibility Study” If you’re looking at purchasing a property for a potential renovation or build out. You may want to add a feasibility study as one of your contingencies when making an offer.
A feasibility study is a time period during which you can have architects, inspectors, etc. out to look at the property to evaluate whether certain changes can be made to the property. Normally you’d include a home inspection, but if you’re going to be ripping out appliances and walls, who cares if they work? This will act as your inspection period so that you have some time to determine if it’s possible to change/add/build what you had envisioned. If not, you’ll have the opportunity to void the contract and move on.
General guidelines for a feasibility study is about 7-10 days, but every situation is different, so timing may be shorter or you may be able to get longer if necessary.