Assessment of Financing New Construction 425k € / Overall Financial Situation

Thank you for the further answers.

In the next few days, I would like to post pictures and data about the property to maybe get suggestions from you about alternatives – as mentioned, the idea of two floors, a basement with bedrooms, bathroom, and technology, as well as a ground floor with living / dining / guest WC / terrace would, in my opinion, be a nice alternative. We would also manage very well with less than 160 sqm.
From the street, you would then see the two floors, the garage is out. From above, it would then look like a small bungalow.

If anyone has an idea of what that could mean in terms of price, I would gladly take the information.

So I realize that financially it probably isn’t feasible after all. And of course, I would rather plan again before we overstretch ourselves completely. That’s clear.

The plan is to help with the masonry after work and on Saturdays, electrical work completely done by the brother-in-law (trained electrician), drywall, painting, floors, interior doors (the girlfriend's dad is a carpenter). Earthworks will be done by a friend who works in road construction.
That is the current plan.

By saying "of course," I just meant that it is natural for me to invest a lot personally during the construction phase.

The problem with doing it yourself is that you enter into uncertain contracts. Not to mention liability issues and insurance – you put a VERY heavy burden on friends and family. If one of the helpers drops out – health, family stress, vacation, no motivation – then you have a construction stoppage. You have to pressure friends or family under time constraints, who sacrifice their weekends, evenings,… Helping out is all well and good, we also renovate our house about 50% ourselves. But that is already a heavy burden. For everyone.
I also advocate saving for two or three years and then building.

So, to somewhat relativize the somewhat conservative tone of the forum here: If the bank gives you the money, which some here already doubt, then it is financially feasible. But what many want to warn against here is that to that extent it dominates your whole life and everyday routine. No more vacation trips for the next 10 years (possibly longer), no/almost no visits to restaurants, always having to look very closely when shopping, having to look at a garden overgrown with weeds for three years after moving in, etc. etc. That then takes away a lot of quality of life, which should actually increase with building/buying a house. And if one of the partners does not manage to limit themselves, the household harmony suffers, or the entire project is built on shaky ground. It already takes a certain type of person to see it through. If then some bigger unplanned purchase comes up (car or heat pump breaks down), then there is immediately a crisis. You also don’t want to show up at family’s place every time… I don’t see waiting as an option, contrary to many others. Because I don’t believe your incomes will keep up with price increases. Rather, credit conditions will worsen and your dream will move even further away. I don’t want to advise you to push through now, but I also don’t believe that waiting and saving helps you. Fundamental changes or financial injections are needed, (early) inheritance for example.

Good morning everyone, The brother-in-law is a master electrician. The architect's fee is included at €28,500 gross for all service phases. Hopefully I am not incorrigible :) I am glad about honest feedback and, as I said, also have plan B in mind. This also includes leaving out one floor and planning bedrooms + bathroom in the basement. The topic has already been touched upon with the architect, but I do not yet know what it would mean in terms of price. Does anyone here perhaps have an idea?

Plan B only works if you have guaranteed prices. I don’t know if an architect even has a fixed-price guarantee. What will you do if you have to finance more? And do me a favor. Leave the parents out of it. They have probably invested enough money in you so far. It’s time to give something back and not hold out your hand anymore. A house is a luxury item. Either you have the money and therefore the financial means, or you don’t.

Plan B only works if you have guaranteed prices. I don’t know if an architect even offers a fixed price guarantee. What will you do if you need additional financing?

And do me a favor. Leave the parents out of this. They have certainly invested enough money in you so far. It’s time to give something back and not keep asking for more. A house is a luxury item. Either you have the money and thus the financial means, or you don’t.

I am by no means holding out my hand. Does it come across that way? I would never make claims in that direction ... either some capital still comes from that side – fine, I gladly accept. If not, then no problem at all. Everything that has been paid or capital formed so far has been covered with money I earned myself. My partner as well.

If anyone has an idea what this could mean in terms of price, I would gladly take the information.

The rough estimate has already been given:

(160 x €2500 + 60 x €2000)

plus incidental building costs, architect, etc. plus garden, kitchen, etc.

How steep is the plot anyway?