Assessment of financing and construction costs

Hello everyone,
I have been reading along for a few weeks and think this is a great forum !!!!
I have been thinking a bit about the topic of financing and would appreciate your assessment.

Also open to suggestions for improvement. ;-)

So, about the current situation:
His salary: 2000.00 net
Her salary: 1600.00 net
Current savings approx. 70,000.00 €

Of this, 40,000 € should be paid for a developed plot of land. The contract is about to be finalized. So there would remain 30,000.00 € in residual capital assets.
The monthly expenses for both (insurance, groceries, internet, mobile phone, car, additional pension, etc…) amount to approx. 1400.00 €
Furthermore, I have planned 1000.00 € monthly for repayments and 500.00 € for the incidental costs of the house.

We want to build a house that corresponds to a Mediterranean style. Ground floor 11m x 13m, upper floor 2/3 (possibly 8x8m), garage 6x9m, without a basement. The construction costs have not yet been precisely determined, what do you think something like that would cost?
Many own contributions should be taken into account due to the large family. (Metalworking company, carpenter, painter available). Do you think that would be feasible with the monthly repayment (please leave family planning out)?

Best regards and thanks in advance.
Jakob

170 sqm. Including ancillary construction costs, it will already cost around 370K€. Yes, it is feasible - however, with a maximum repayment rate of 2%.

Thank you for the assessment..... ;-D
€370,000.00?? How do you come up with this amount?
Can someone else maybe give me a bit more encouragement??
Best regards

:( No.

You have planned a floor area of 207 m². With a favorable cost rate of €1,500 / m² for a standard Kfw 70 house, that alone amounts to €310,000.
In addition, there is the double garage at approx. €20,000, ancillary construction costs at approx. €40,000, painting work at €10,000, exterior facilities €10,000, etc.

So roughly speaking, you would already be over €370,000. And that without any buffer.

( ) will be able to tell you more precisely.

Hello Jakob,

40,000 € should be paid for a developed plot. The contract is about to be finalized. So, there would still be 30,000.00 remaining capital assets.

We want to build a house that corresponds to a Mediterranean style. Ground floor 11m x 13m, upper floor 2/3 (possibly 8x8m), garage 6x9 m, without a basement. The construction costs have not yet been precisely calculated; what do you think something like this would cost?

Plot: TEUR 40
House (like attachment) with 168 sqm, as Kfw 70 efficiency house: TEUR 269
Additional building costs: TEUR 35-40
Painting/flooring work in EL: TEUR 20
Outdoor facilities: TEUR 10 (only the essentials)
Reserves for extras: TEUR 10
Finished garage 6 x 9: TEUR 18 incl. necessary strip foundations

Estimated total all in: TEUR 397

Here, a lot of own contributions should be considered due to a large family. (Metal construction company, carpenter, painter available).

A lot has already been written about own contributions (EL) – especially within the family. Please read this carefully before deciding on presumed savings due to EL. The will must be present to complete individual trades within a certain period; the will is followed by time. Then you must not forget that the material also needs to be paid for, as well as the insurance of the family members, expense allowances, and catering ;)

Rhenish greetings

This is definitely feasible with the monthly installment, the only question is how long you will then be paying off your cabin.

It will be around 30-35 years including (high) interest rate change risk.