Self-Build Homes from Sakani... Pros and Cons
Khaled Al-Dara"
To begin this article, let me provide a general overview of programs and packages offered by Sakani which are updated and adapted to each stage. The options currently available include 9 products, namely:
– Purchase of a ready-to-move-in residential unit.
– Self-construction financing.
– Purchase of a residential unit under construction.
– Mortgage financing.
In addition to the recently approved support packages offering a 100,000 riyal down payment based on specific packages, which are: the Down Payment Support Package, the Rent Package, the Renovation Package, the Furniture Package, and the Self-Construction Support Package.
In this article, I will discuss self-construction.
The concept involves the beneficiary building a house on a plot of land they own, constructing an additional floor, or completing a building under construction through an installment plan (provided that a certificate of completion has not been issued). After registering with the consultant and obtaining the financier’s approval to sign, the Ministry provides support on the first 500,000 of the loan at a certain percentage, provided that the building area of the unit exceeds 125 m².
This is particularly suitable for those who own a plot of land or are able to acquire one, as their need for additional financing beyond the subsidized amount (over 500,000) provided by the Ministry is significantly reduced compared to other products, especially purchasing units on the open market.
Pros and Cons of the Self-Build Product From my perspective:
Pros:
– Designing the house according to your wishes and needs, with the desired quality.
– Lower costs.
Cons:
– Time required for the construction process.
– Lack of experience for those who do not have it, forcing them to hire an expert, which incurs costs and may result in choosing someone who does not fully assume responsibility.
– Payment procedures, which may be delayed or complicated.
*Real Estate Brokerage and Marketing Specialist
kadera09@
