Application phase land - How do I finance everything?

House:

150m² x €2000 rough estimate: €300,000
Garage €25,000
Garden €15,000
Kitchen €20,000

Total: €360,000

Plus €30,000-50,000 ancillary construction costs, such as earthworks.
Plus €50,000 remaining cost for the plot.

I would therefore start planning with a €450,000 loan. With a super flat plot and a cheap region, it might of course be cheaper, but better to plan high and be happy about saved money than the other way around.

It will be tight.

Today tight, but long term 20-30 years and due to inflation and thus wage increases, the 1200€ in 10 years are like 900€. You are young and that plays into your hands. In addition, you can save something up until the start of construction. You can do it, those who wait forever will only ever dream.

You can do it, those who wait forever will only ever dream.

Therefore - go to the bank or financial advisor and go through the case there accordingly once.

Plus €30,000-50,000 ancillary construction costs, such as earthworks.
Plus €50,000 remaining cost for the plot.

I would therefore plan with a loan of €450,000. With a super level plot and a cheap region it might of course be cheaper, but better to plan high and be happy about saved money than the other way around.

It will be tight.

Yes, also from me again: We are in a similar situation --> you can definitely do it! If the monthly rate stays up to €1,200, then congratulations! However, I also strongly suspect, as Tassimat already mentioned, that your planning is a bit too tight...

A €450k loan is already very tight in my opinion. I would rather estimate between €450,000 - €500,000.

Definitely finance your plot variable, if possible! We did that too and are now super satisfied.

1. we got a great interest rate for this
2. currently we only pay the interest, no repayment, which means we have more equity available when the house financing starts (whether that helps depends on the amount of equity itself and the bank)
3. we are independent of the bank and could theoretically do our house financing with any bank in the world
4. there is no mortgage entry in first place, since it is variable and cancellable at any time

--> If a bank does that (they often don’t, because they simply earn too little from it...) then go for it! For us, 1 out of 6 banks did it with a great interest rate. Their reason for doing so: "They want to do the house financing with us as well and hope that we might decide for them as a result."

Get the plot first and then see what’s next... Sit down with the bank advisor and see what is possible.
Also be sure to consider that the monthly rate has to fit your income, should children come. You don’t have a very high income, but without children you can afford any house in the world. Of course, it will get more difficult once children come. I find €1,200 quite acceptable, unfortunately I suspect it will not be enough...

Basically a good approach. As previous speakers have said, the calculated amount for the house might be a bit too low. However, that depends heavily on your wishes/ideas and, of course, also on the region and what you possibly can or cannot do yourselves.

What is much more important and certainly not romantic: Please clarify in advance who the property/house should belong to, for example. What happens in the event of a separation/divorce. If you both buy it without being married and there is a dispute – there might be a problem. Who is putting in the capital?

As I said, I don’t like to paint a grim picture – but experience has shown that these topics should be discussed precisely when the glasses are still somewhat "rose-colored."

We would like to focus on the house only when we actually have a plot of land.

That is too late. You don't have to and can't precisely plan the house beforehand, but a rough calculation should definitely be noted down. Basic knowledge such as KfW and the Energy Saving Ordinance should also be there. Then you have an approximate idea of the size of the house and the costs, which can be aligned with your salary, equity, and the bank.