And the next one who wants to know if it works :)

Hello forum

The following situation: my wife and I (both 25 years old) would preferably like to start our construction project next year. Children are also planned "relatively" at the same time. We currently have a combined income of about €3,400 (we live in the deepest Upper Palatinate, meaning the cost of living is still very cheap).

Last year we bought a plot of land, 666m², which we have paid off, basically paid in cash. Now we have the following financial key data to present:

I have about €18,380 in a savings book, €2,480 in a daily allowance account, a building savings contract that was taken out 9 years ago when I started my apprenticeship, this is ready for allocation and filled with about €4,000. I also took out a "large" building savings contract in January 2016 with a building savings sum of €50,000, I paid a one-time €10,000 into it and now pay €88 monthly.
Simply summarized for me now:

Savings book: €18,380
Daily allowance account: €2,480
Building savings contract: €4,000
Building savings contract 2: €11,000
______________________
€35,060 current equity capital.

My wife has equity capital of about €15,000.

So together we have just under €50,000 in equity capital, plus my wife's mother is supporting us with an additional €50,000 for building a house.

So the equity capital is €100,000 + existing land.
We are quite down-to-earth and frugal, our house should be a completely ordinary solid single-family house with a basement but not too small, I would just say roughly from gut feeling about 140 m² of living space.

This is what our current financial situation looks like and now I would like to have your assessment on the feasibility of the whole thing. I should possibly add that although I am a craftsman, I have no idea about bricklaying, plastering, etc. However, for example, I have a tiler and a carpenter in the close family.

Already +1 for the thread title

We bought a plot of land last year, 666m² which is fully paid off by us, basically paid in cash

How much did you pay for the plot? Because that also counts as equity.

The equity situation is very nice; but what does that mean in connection with your net income.

Children are also planned "relatively" at the same time.

So, how much money is left each month for the house and additional costs "now," and with "children"?

Thank you very much for your reply

The plot of land cost just under €32,000 (excluding incidental costs)

Net, it looks like she currently has about €1,600 and I have €1,800. (Christmas bonus + vacation pay for both not included but available)

I don’t quite understand your last question, sorry
What exactly do you mean? Do you mean how much time there is between building the house and having children? If yes, I obviously can’t tell you exactly, since you never know how quickly it will work out with children, but I think that possibly the child will even be there before the construction project starts. But as I said, you can never really say for sure.

Not how long; but how much money.

Today: x Euros every month
When the house is finished: y Euros left for the mortgage and additional costs.
If the wife does not work because of the children: z Euros

In other words; what income is lost; but also what costs such as childcare etc. are added.

Since depending on personal attitude and number of children this phase can sometimes last several years, it has a decisive influence on the question of how much house I can afford.

f. even the child is there before the construction project starts.

Nothing against women; but pregnant women are not much help on and around the construction site. And even if the offspring is there; the logistics become considerably more difficult

Did you save the money for the [Grundstück] yourself from your earned income? If yes, then you are very solidly positioned with your good equity. You just have to calculate how much is left at the end of the month when [Elterngeld] and additional costs for children come into play.