Building & development

A Feasibility Study is a time where you've put an offer in on a piece of property and set a contingency period where you can research the property, making sure it will be able to be used the way you are intending to use it. Study timelines vary and on average run 15-30 days from mutual acceptance. As in any piece of a real estate transaction, this period of time is negotiable between the two parties. If the property doesn't meet the requirements of the Buyer, often times the contract is rescinded and the Buyer receives their earnest money back.

Even though you may have cash in the bank to purchase the property, development can be costly, so talking to a lender to establish a budget will get you going in the right direction.

The entire process of building a new house can be very exciting. It is a chance to get the home of your dreams and to customize it to your liking. However, there are some risks involved with building custom homes, but these can be mitigated by working with a reputable builder and doing your research.

Some of the risks involved with building a house include:

• The cost of construction can increase during the build
• The timeline for the build can be delayed.
• The final product might not match the plans or expectations.
• There can be issues with the quality of materials or workmanship.

These risks can be minimized by working with a reputable builder and being prepared for the possibility of changes.

Building timelines vary and can be affected by the permitting process, lender, builder, materials, etc. Depending on the area you're building in, it can take a year or more. It's wise to have an estimated timeline paired with a back-up plan because timelines can change.

Another important question to ask yourself is how long you plan on living in the house that you build. If you only plan on living in the house for a few years, it might not make sense to build. However, if you plan on living in the house for many years, building can be a great way to get the home of your dreams.