Building on existing land

Hello everyone,

I follow various topics here on this portal more or less and I’m daring to jump into the ring myself.

A little about me, female, 30 years old, have been thinking about building for quite some time. Now I am lucky to have a plot of land from family ownership. The plot is about 500 sqm and was estimated by the bank and a local construction company at around €250,000 (+/-), here the land prices are really abnormal thanks to the SAP.

I currently earn €63,672 gross per year (13.5 salaries) but with a job change I will make a salary jump every 2 years (chemical industry collective agreement) -> target €85,000 gross. Since we still contribute internally to funds and a long-term account, my current net is €2,700. On the side, I also earn a bit through my small business as a photographer, which I am expanding and would only plan as reserves.

As equity through a daily allowance account and a building savings contract, I have an additional €60,000.

My fixed expenses like rent, electricity, mobile phone, internet, insurance, car amount to €1,000-1,100 per month, I save another €900 per month into my daily allowance account + building saver.

Over the weekend I received the offer from Fingerhaus for €366,000, the offer from the local construction company (solid construction) is still pending. So I calculate with incidental building costs and the outdoor area to be around €430,000. I know that managing such a sum alone is considerable, but because of the equity + land, I definitely think I would be creditworthy. Especially at the beginning, I would reluctantly want to pay more than a €1,100 installment. I am aware that I have to tighten my belt, but the desire for property is very strong and condominiums in our area also cost around €300,000 for 60 sqm on average. Do you find my plan totally unrealistic?

Please provide constructive feedback,

Best regards

Is there a family or do you just want to build a 366,000-euro Fingerhaus for yourself? I would build something a bit more flexible as a single person, certainly not a house with a gable roof and three bedrooms in the attic, but something more tailored to my current and future needs.

If a partnership with nesting later on is not excluded, I would definitely wait with building the house.

If the urge for ownership is so strong, then I would build a modular version. At least for now, just a bungalow that can be expanded upwards by adding a floor. That way, you also avoid being in the outrageous 400,000-euro range, which very likely a bank will not approve with only one borrower.

Is there a family or do you just want to build a Fingerhaus costing 366,000 for yourself? As a chosen single, I would build a bit more flexibly, certainly not a house with a gable roof and three bedrooms in the attic, but something more in line with my current and future needs.

If later a partnership with nest-building is not excluded, I would definitely wait to build the house.

If the urge for ownership is so strong, then I would build a modular variant. At least for now, just a bungalow that can be expanded upwards by conversion. Then you don’t end up in the outrageous 400,000€ range, which very likely a bank would not support with only one borrower.

No, I have no children or husband, the Fingerhaus offer was initially also for me to estimate what my wishes would cost. Therefore, I currently still have a comparison pending with a solid construction contractor. However, I would still like to build in a way that having children would not be an issue, especially since I need an office anyway.

The development plan does not allow a bungalow, only a single-family house with a gable roof. It’s just in an older part of the village, so I am limited in the construction style.

only single-family house with a gable roof.

Then just a single-family house with a gable roof without expanding it. As I said: assume that you alone will not get this loan approved.

P.S. As a divorced woman, I once had a house just for myself. That was a thorn in the side for potential future partners 90% of the time. Men don’t want to settle into a nest that’s already made. Of course, there are still the parasite types, but those you don’t want anyway. I don’t want to start a fundamental discussion with men who think differently here, but that was definitely my experience.

Then just a single-family house with a gable roof without expanding it.
As I said: assume that you alone will not get this loan approved.

P.s. As a divorced woman, I once had a house for myself alone. That was a thorn in the side of potential future partners 90% of the time.
Men do not want to move into a ready-made nest. Of course, there are still the types of parasites, but you don't want those.
I don't want to start a fundamental discussion here with men who think differently, but that was definitely my experience.

I think everyone has their own view on that too

Exactly as ypg writes it, that's how we did it. Below, 100 sqm finished and above a good 60 sqm reserve - with a gable roof. Works perfectly for two people and we are significantly cheaper than our neighbors who had everything finished at the same size (of course, you can't compare one-to-one). Nice side effect: in old age, everything is available downstairs and you don't necessarily have to climb stairs.