Construction financing - setting the framework depending on the salary

Greetings,

I am quite intensively engaged with the construction project and repeatedly face the question of how much I can realistically afford at the moment.

A few facts:
Plot of land 505m2 purchased last year for a total of (including additional costs) 75k, in the commuter belt of Rostock in a small town, 30 minutes to the center
- Loan at the Sparkasse, remaining balance 41k

House:
Solid house planned 140m2, Kfw 40, so L/W heat pump with photovoltaic system and storage
Price: including selection I estimate 300k

Soil survey has already been done, about 70cm of soil needs to be replaced. Cost estimate here is 5000€
Otherwise, I have planned 100k for all other additional costs (water, electricity, internet connection / no gas needed; building applications, interest burden, painting and flooring work, kitchen and sparse outdoor facilities).

Total loan amount in addition to the 40k from the land is 400k€

About us:
Both 27 years old.
My girlfriend is currently still in training, so generally bad.
She currently earns 950€ net; after the training (operative nurse) she will have 2k net. So in just under two years

I have a permanent employment contract and earn 3.2k net. No 13th salary but depending on target achievement every year up to 12k net additionally. But optional, I don’t count on that.
Because my girlfriend and I share the living additional costs (each 700€), I can save about 1200€ in addition to the 700€/month loan repayment.

Equity currently 20k€

If everything works with KFW40, of course another 33,750€ on top.
What do you think, realistic?

When should the family planning begin?

When should the family planning begin?

Maybe in 3-4 years. So, in any case, my girlfriend will first gain a year of work experience and then we can talk about it sometime. My salary prospects are actually good; with the next job change, one could earn another 20-30k gross per year. But of course, that's only prospective.

Price: including sampling I assume 300k

On what basis? For 140 m² I consider 300K nowadays hard to achieve. 100K for incidental costs/buffer is almost a bit too much, as long as you don't have luxury wishes. Regarding the question: Yes, doable, but remember that children also cost money.

My salary prospects are actually good, with the next job change you could get another 20-30k gross per year.

Maybe I am calculating wrong too, but salary jumps of 50% are rather rare in my experience – or you are currently completely underpaid.

On what basis? For 140 m², I think 300K is hard to achieve nowadays. 100K for incidental costs/buffer is almost a bit too much, as long as you don’t have luxury demands.

Regarding the question: Yes, doable, but keep in mind that children also cost money.

Maybe my calculation is wrong, but salary jumps of 50% are rather rare in my experience – or you are currently severely underpaid.

Currently, I am at 70k + 20k bonus, with the next position, provided I switch from an existing relationship, 90k base salary would definitely be possible. My last jump (but it was also an entry-level position and poorly paid) was 50k + 9k bonus. But that's future music anyway, as I’m not planning that right now. But prospectively within the next 5 years that would be possible if I wanted to. I work in pharmaceutical field sales. Naturally always changing as well.

We just received an offer for 300k for the house from Eco Haus.

Take a look here, it’s uploaded in detail:

On what basis? Nowadays, I think 300 K is hard to achieve for 140 m².

But it’s Rostock. MeckPom is quite affordable like Lower Saxony.

100 K for additional costs/buffer is almost a bit too much, as long as you don’t have luxury wishes.

Yes, I think with the base price, quite a lot still comes on top (e.g., earthworks, further construction description, electrical etc… 25/sqm tiles aren’t really up to date anymore for a serious construction specification…) But that would be covered with the generous 100,000 then. I rather see the problem of the (missing) second income. Wife in training, then overlap with starting a family… a child can come faster than you think… then there’s no “gaining a year of professional experience.” That year is basically wasted.