--- title: Feasibility Study Reduces Renovation Risk | Trinity Online description: With the rise of remote work, the pandemic has spurred a long-term need for home office spaces, leading to increased home and apartment renovations. image: https://www.trinityonline.com/hubfs/average_cost_of_a_feasibility_study%20%281%29.webp --- [ Blog ](https://www.trinityonline.com/blog) - Browse Topics - [Single Family Construction Support Services](https://www.trinityonline.com/blog/tag/single-family-construction-support-services) - [Commercial Services](https://www.trinityonline.com/blog/tag/commercial-services) - [Loan Administration Services](https://www.trinityonline.com/blog/tag/loan-administration-services) - [Events](https://www.trinityonline.com/blog/tag/events) - [Solutions](https://www.trinityonline.com/blog/tag/solutions) - [General](https://www.trinityonline.com/blog/tag/general) - [Company](https://www.trinityonline.com/blog/tag/company) - [Construction lending](https://www.trinityonline.com/blog/tag/construction-lending) - [Draw Inspections](https://www.trinityonline.com/blog/tag/draw-inspections) - [infrastructure](https://www.trinityonline.com/blog/tag/infrastructure) - [Asset Monitoring](https://www.trinityonline.com/blog/tag/asset-monitoring) - [Affordable Housing](https://www.trinityonline.com/blog/tag/affordable-housing) - [Borrower](https://www.trinityonline.com/blog/tag/borrower) - [Draw Inspection](https://www.trinityonline.com/blog/tag/draw-inspection) - [Housing Market](https://www.trinityonline.com/blog/tag/housing-market) - [Inspections](https://www.trinityonline.com/blog/tag/inspections) - [Press Releases](https://www.trinityonline.com/blog/tag/press-releases) - [construction loan administration](https://www.trinityonline.com/blog/tag/construction-loan-administration) Receive our latest articles directly to your inbox. Subscribe - [Loan Administration Services](https://www.trinityonline.com/blog/tag/loan-administration-services) March 12, 2021 # How Can a Renovation Feasibility Study Reduce Your Risk? [Chris Wood 1 min read ](https://www.trinityonline.com/blog/author/chris-wood) Share this article: - - - - ![corner of a home with scaffolding erected next to it](https://www.trinityonline.com/hs-fs/hubfs/average_cost_of_a_feasibility_study%20%281%29.webp?width=650&height=470&name=average_cost_of_a_feasibility_study%20%281%29.webp) ***By Chris Wood, Vice President, Residential Services *** Last year with stay-at-home orders placed throughout much of the country, many of us faced the task of adapting and working from home. While some used a multipurpose room as a home office, others set up shop at their dining room tables. With the shifted work landscape unfolding rapidly, the pandemic sparked a long-term need to create a work-from-home space, generating a rise in home and apartment renovations. In fact, a study conducted by [Global Work Place Analytics](https://globalworkplaceanalytics.com/work-at-home-after-covid-19-our-forecast) shared an estimated 25-30 percent of the workforce will evolve to working- from-home multiple days a week by the end of 2021. Moreover, according to the [Harvard Joint Center for Housing Studies](https://www.jchs.harvard.edu/blog/sunbelt-metros-see-strongest-home-remodeling-growth-2021), “large metro areas are expected to see stronger remodeling gains in 2021 with an average growth of almost 5 percent.” Most assuredly, the need for created workspaces in homes, if they do not already exist, will continue to increase. Undoubtedly, most home or commercial building renovations require capital from banks and financial institutions, in order to become operational and ensure viability. The greatest threat to the lender’s success of a project are the “unknowns” – real or perceived. Indeed, lenders must understand the unique aspects and characteristics of a proposed project as they would with any loan investment. How does one quantify this undertaking to ensure minimal risk exposure and increase the likelihood of success? A feasibility analysis answers many of these questions. Designed to provide the first look of a potential renovation, a feasibility study is conducted with an eye towards explaining the project’s viability to potential financiers. Existing to help lenders explore the “feasibility” of the project, the analysis includes an on-site visit from a local field inspector, who meets a contact on site to gather information as well as a clear understanding of the project’s scope. After taking interior and exterior photos of the structure, the inspector submits the analysis for a thorough review from an experienced construction specialist, who verifies the results and then provides the results to the lender. Ultimately, the feasibility analysis not only confirms project viability but ascertains the likelihood of completing the project successfully from the lender’s perspective. Trinity offers both [residential](https://www.trinityonline.com/inspections/) and [commercial](https://www.trinityonline.com/commercial/) feasibility analyses to help achieve lenders renovation needs and get you started in the right direction. [Contact](https://www.trinityonline.com/contact/) us to learn more.   ## Topics discussed - [Single Family Construction Support Services](https://www.trinityonline.com/blog/tag/single-family-construction-support-services) - [Commercial Services](https://www.trinityonline.com/blog/tag/commercial-services) - [Loan Administration Services](https://www.trinityonline.com/blog/tag/loan-administration-services) - [Solutions](https://www.trinityonline.com/blog/tag/solutions) ## Related Posts [![](https://www.trinityonline.com/hs-fs/hubfs/Imported_Blog_Media/Modular-home-2.jpg?width=450&height=250&name=Modular-home-2.jpg) Single Family Construction Support Services Rethinking the Construction Process: A New Way of Housing By: Trinity Team Anyone searching for a new home knows the pickings are slim. Amid inflation and a … Read More 3 min read ](https://www.trinityonline.com/blog/rethinking-the-construction-process) [![](https://www.trinityonline.com/hs-fs/hubfs/assets/images/1600-wide/property-information-report.jpg?width=450&height=250&name=property-information-report.jpg) Choosing the Right Level of Project Review: Budget Review versus Full Project Review For renovation and construction lenders, the level of project review performed upfront plays a … Read More 2 min read ](https://www.trinityonline.com/blog/choosing-the-right-level-of-project-review-budget-review-versus-full-project-review) ### Subscribe Here! close ### Subscribe Here! ![](https://px.ads.linkedin.com/collect/?pid=9376028&fmt=gif) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Chris Wood", "url" : "https://www.trinityonline.com/blog/author/chris-wood" }, "dateModified" : "2024-09-13T13:54:27.680Z", "datePublished" : "2021-03-12T11:48:08.000Z", "headline" : "Feasibility Study Reduces Renovation Risk | Trinity Online", "image" : [ "https://www.trinityonline.com/hubfs/average_cost_of_a_feasibility_study%20%281%29.webp" ], "mainEntityOfPage" : { "@id" : "https://www.trinityonline.com/blog/how-can-a-renovation-feasibility-study-reduce-your-risk", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.trinityonline.com/hubfs/primary-logo.svg" }, "name" : "Trinity + NWCC" } } ```