Approximate budget for house construction project

Hello hardworking community,

First of all, I want to say that I am new here and very impressed by how many helpful contributions there are.

My girlfriend (24) and I (24) are currently considering whether we want to fulfill the dream of owning our own house. Our original plan was to invest in a condominium, but unfortunately, we had to realize that these are very expensive in our area, so we would rather invest directly in a house. We have also already decided that it should be a new build.

We do not yet have a plot of land (prices in our region range between €60,000 and €100,000) and the plan for the house is currently being developed.
It is certain that it should be the following:
House with bay window
1.5 stories
no basement
Plot: 600-800 m² (depends on the price)
Living area: approx. 120-140 m²
Carport (2-3 cars)

Regarding finances:
2 incomes of €2,000 each (permanent employment, VW/Siemens, without allowances, bonuses, or similar)
€10,000 equity (unfortunately very low)
After deducting all fixed expenses (insurance, retirement provisions, car, fuel, phone, etc.), a small amount to save as reserves, and costs for food, clothing, etc.,
we have about €1,000 left at the time of financing for this.

I would be grateful for some opinions and assumptions about whether this is enough and in which rough direction the total budget can/must/should go. I know we are still quite young and still have time to save capital diligently, but since we work in opposite directions (Braunschweig/Wolfsburg), we want to look for something in between, and in this area, plots are selling like hotcakes and becoming increasingly expensive.

Thank you very much in advance for your answers and suggestions.

Best regards
Schubi :)

Hello again,
the "thumbs down" was probably a user error XD

In the case of full financing of the land and house as well as additional costs, I do not consider a €1,000 installment to be a sustainable financing.

Hello

Will rental costs still be eliminated if you go for ownership? And how high are these? Having only €1,000 left with a fixed net salary of €4,000 and only €10k in equity seems very concerning to me. You both are only 24, probably beginners in your jobs. You first need to build a financial cushion. Or do you now want to completely give up holidays & co.? Especially since you have allowances & bonus payments with such TOP employers. There should have been more than the €10k equity.

To each their own lifestyle but: If a condominium is already too much for two people, a house will not be cheaper.

With an income of 4k, 1k remains? And with zero equity, 1000 € per month is certainly not enough for financing land and house.

Good morning,

so let's start at the top. Yes, we are career starters with only 3 or 4 years of experience (without formal training) and have not yet reached the (targeted) salary peaks. We initially set the 1000€ ourselves, behind which there is still a buffer of almost 1,200€ per month; we wanted to keep this as large as possible for all cases and set ourselves a critical limit. Meanwhile, I feel that this limit was set too critically. The low EKP is unfortunately annoying, but we initially wanted at least a paid-off car, traveled a lot, lived extravagantly, and enjoyed big vacations; now the payback time has come. We did not want to include bonuses, allowances, and similar here, in order to use these as reserves or a small buffer. An ETW is not basically too expensive for us but compared to building a house.

Best regards, Schubi