Assessing the affordability of home construction and criticism

[*]Who are you? Richard and Brianne
[*]How old are you? 27/26 years old
[*]Do you have children? No
[*]Are children planned? 1-2 in 3-4 years
[*]What do you do professionally? I work as a Key Account Manager in a pharmaceutical company, my girlfriend is doing training to become an OR nurse (2 years remaining)
[*]Are you employed, self-employed, retired, housewife, househusband, etc...? Employed
[*]How many hours do you work? I 37.5, my girlfriend is a full-time trainee

[*]What income do you have (gross/net)? I have 3200€ net, my girlfriend as a trainee 900€. If all goes well I have a 20k€ gross bonus per year. But I do not count on that firmly. When my girlfriend is finished, according to the collective agreement 2000€ net
[*]How much child benefit do you receive? 0
[*]Other transfer payments such as parental allowance, sick pay, etc...? None
[*]How much equity do you have? 11,000€
[*]How much of that equity do you want to invest in the house project? All

[*]current cold rent 356€/month
[*]current warm rent 540€/month
[*]electricity: included in warm rent
[*]telephone, internet, mobile 85 €/month
[*]car loan: company car
[*]car insurance: none
[*]fuel: none
[*]insurance costs: 50€/month
[*]groceries: 650€/month
[*]leisure, drugstore, clothing, vacation etc. 750€/month
[*]land loan: 700€/month

[*]How large is the plot? 504m2
[*]New build, old building (year built), house type? New build, single-family house
[*]Garages? None, only 2 paved parking spaces planned
[*]How big is the house? (living space) approx. 130 sqm

[*]Purchase costs land 75,000€ incl. property transfer tax, notary etc. Bought at the end of last year
[*]House purchase costs: 300,000€ (KfW 40+ solid plus photovoltaic system with storage)
[*]Incidental construction costs calculated (painting + flooring work, earthworks, outdoor facilities, kitchen etc.) 100,000€
[*]Possible subsidy: 38,000€

[*]Total costs: 75k + 300k + 100k = 475,000€
[*]Land loan still running with 700€/month for 4-5 years
[*]New financing house: 410,000€ (including buffer) (minus possible grant of 38,000€)
[*]

[*]Loan type annuity loan 260,000 € and KfW loan 150,000€
[*]Interest rate (p.a. nominal, otherwise effective) offers available with 1.2% (combination of 2 loans with 10 and 15 years term) effective or 1.1% KfW loan
[*]Interest fixation period 10-15 years or 10 years KfW loan.
[*]Fictitious total term until full repayment: 32 years,
[*]Initial repayment rate 2% or 3% KfW
[*]Monthly installment: approx. 1,200€ (+700€ for the next 4 years)
[*]Special repayments possible? Yes, up to 5%
[*]Repayment rate change possible? (Conditions such as number, repayment rate range specify) – basically possible
[*]

[*]I hope I haven't forgotten anything and that it is at least somewhat clear! I am curious about your thoughts and criticism.
The question is also whether we build now or in 3 years, when my girlfriend has finished her job and is out of probation. Another difficulty is that she as an Australian does not yet have a permanent visa and the loan will initially be in my name
[*]

Hello dear community,

I have been dealing with house construction for some time now and would like your opinion on the feasibility of the undertaking. You will see that our monthly costs are currently relatively high, although we live in MV where the cost of living is relatively low. But we live well and lack nothing. That means we could tighten our belts for 1-2 years ;)

The situation is that I bought the plot of land last year, which is paid off by a little more than 1/3. And now I am considering whether to build this year, or rather at the end, when the probation period at the new job is over in September (before that I will only get offers but certainly won’t sign anything), or postpone it for a few more years hoping for a better building situation.
Offer from the developer is already available:
Air-water heat pump, photovoltaic system with storage, KFW 40+ solid house, clinker brick, 140m2 floor area.

General information about you:

[*]Who are you? Richard and Brianne
[*]How old are you? 27/26 years old
[*]Do you have children? No
[*]Are children planned? 1-2 in 3-4 years
[*]What do you do professionally? I work as a Key Account Manager in a pharmaceutical company, my girlfriend is training to be an OR nurse (2 years remaining)
[*]Are you employed, self-employed, retired, housewife, househusband, etc.? Employed
[*]How many hours do you work? I 37.5, my girlfriend full-time as an apprentice

Income and asset situation:

[*]What income do you have (gross/net)? I have €3200 net, my girlfriend as an apprentice €900. I have, if it goes well, €20k gross bonus per year. But I do not count on that. When my girlfriend finishes, according to collective agreement €2000 net
[*]How much child benefit do you get? 0
[*]Other transfer payments such as parental allowance, sickness benefit, etc.? None
[*]How much equity do you have? €11,000
[*]How much equity do you want to put into the house project? All

Expense situation:

Current housing costs:

[*]current cold rent €356/month
[*]current warm rent €540/month
[*]electricity: included in warm rent
[*]phone, internet, mobile €85/month
[*]car loan: company car
[*]car insurance: none
[*]fuel: none
[*]insurance costs: €50/month
[*]groceries: €650/month
[*]leisure, drugstore, clothing, vacation, etc. €750/month
[*]land loan: €700/month

Savings:

about €1000/month

General information about the property:

[*]How big is the plot? 504m2
[*]New build, old building (year built), house type? New build, single-family house
[*]Garages? None, only 2 concrete parking spaces planned
[*]How big is the house? (living area) approx. 130 sqm

Construction or purchase costs:

[*]Purchase cost plot €75,000 incl. real estate transfer tax, notary, etc. Bought at the end of last year
[*]Purchase cost house: €300,000 (KfW 40+ solid plus photovoltaic system with storage)
[*]Additional construction costs calculated (painting + flooring, earthworks, landscaping, kitchen, etc.) €100,000
[*]Possible subsidy: €38,000

[*]Total costs: 75k + 300k + 100k = €475,000
[*]Land loan still running with €700/month for 4-5 years
[*]New house financing: €410,000 (including buffer) (minus possible subsidy of €38,000)
[*]

[*]Loan type annuity loan €260,000 and KfW loan €150,000
[*]Interest rate (p.a. nominal, otherwise effective) offers available with 1.2% (combination of 2 loans with 10 and 15 years terms) effective or 1.1% KfW loan
[*]Fixed interest period 10-15 years or 10 years KfW loan.
[*]Fictive total duration until full repayment: 32 years,
[*]Initial repayment rate 2% or 3% KfW
[*]Monthly installment: approx. €1,200 (+ €700 for the next 4 years)
[*]Special repayments possible? Yes, up to 5%
[*]Repayment rate change possible? (Conditions such as number, repayment rate range specify) – basically possible
[*]

[*]I hope I haven’t forgotten anything and that this is roughly clear! I’m curious about your thoughts and criticism.
The question is also whether we build now, or in 3 years when my girlfriend is finished with the job and out of the probation period. Also there is the difficulty that as an Australian she does not yet have a permanent visa and the loan initially runs through me
[*]

1. You will receive the funding costs afterwards, but you have to cover the money in advance.
2. For kfw40+ it will probably be a 4kwp photovoltaic system + 3kw storage. Total humbuck, better either really big or not at all.
3. The house costs seem too low to me. For kfw 40+ something over €2,000 per sqm hardly fits. Especially not at the moment.
4. A bank will hardly finance your kitchen, since it is movable property. You have to cover that yourselves.
5. If your wife finishes in 2 years, probably 1-2 children will follow and more costs. All factored in?
6. I find all that hard to implement.