Construction financing single-family house - What is possible, what do you advise?

Hello dear community,

we are currently very interested in the topic of house building.
I would like to have your opinion regarding our conditions etc.

The house construction is planned from the end of 2021.
Until then we still live rent-free in a granny flat in a family house.

About us:
-He, 25, electrical engineer in sales, approx. €28k net per year
-She, 24, OTA (public service), approx. €20k net per year
-Our current expenses: approx. €1400 monthly (insurance, car, groceries, vacations, etc.)
-Equity currently approx. €60k
-There is currently a loan I had to use during my further education (KfW)
approx. €6000 - first installment due from 2022 with €126 monthly
-The building plot is already available:
sloping site in a rural area (undeveloped)
approx. 1000m²

Our wishes:
-Fully basement including attached double garage
-Living space: approx. 165m² without basement, the attached garage should also be usable as living space etc.
-The basement shall initially not be used as living space and later possibly for home office activities or maybe as a granny flat

What we can do ourselves with own work:
-Electrics (he himself, tools etc. are available)
-Plastering and painting work (relatives' own business would take care of this)
-Outdoor facilities (agricultural machines available etc.)
-Floors (except tiles)
-Roof work and roofing (approx. 50%. Large family with two carpenters + 1 roofer)
-Moving, furniture assembly

--> We are aware that there will be some costs with own work in part and that one should not overburden oneself etc.
--> We have no time pressure for the house construction for now (rough goal: we want to be in before the 29th birthday)

Now to the questions:
1) Do you consider the construction project feasible / doable?
-Size too small / too big?
Children are planned in 4-5 years (at least 2)
2) How much should one pay off monthly based on our earnings and the possible loss of her income?
3) How high will the construction costs be, Bamberg district, approx., with normal medium equipment? How high will the financing be?
4) Maybe someone has similar conditions and can tell us something about it.

We look forward to your answers.
Regards Andreas 94

Hello, when children are around you will really have to stretch yourselves. Do you have chances to increase your salary? Does it have to be a basement? It is a huge cost driver. 6k loan, I would ask to repay early possibly with a discount.

Heyho, we are currently building in Brandenburg under relatively similar conditions. 1000m² plot with a 21% slope, house with 112m² floor area and a basement of living quality, open on the hillside side, but without a separate garage. We can contribute relatively little own work and if everything goes according to plan, we will end up all-in at around 600k just for the house. I estimate Bavaria to be slightly more expensive than BB, but maybe this is compensated by the own work. What will definitely hit hard compared to our project is the extra garage (especially if it is supposed to be suitable for living) and the plot development. Also, time is rather not on your side, as for ordinary mortals it is currently not possible to save up as fast as construction costs are rising, which brings us to the topic of salary. For mid-20s, that is definitely quite decent but I fear that, considering the quite significant financing volume, it will be financially quite uncomfortable, especially during the parental leave that will come at some point. I find the building size appropriate; in my opinion, the project volume is at the upper limit of what is bearable. I would first recommend a condominium (especially if the plot is secure).

Best regards

You should be able to repay the [bafög] all at once and then even get a big discount! Otherwise, I find the house size with a basement a bit much. But well, who knows how many children there will actually be!

Slope location in a rural area (undeveloped)
[..]
3) How high will the construction costs be, Bamberg district, approx., for a normal medium standard? How high will the financing be?

We typically calculate here with €2000/m² plus additional construction costs, basement, outdoor facilities, garage.

The slope location can become really expensive cost-wise, and building without a basement may no longer make sense. Likewise, you have (expensive) special requests like the potential granny flat and the insulated double garage. Without knowing the details, I’m afraid that will be too big of an undertaking, especially regarding parental leave.

Are there already planning details?
Can you tell us more about the plot, or upload a site plan? Or are there already plans for how you envision your house?

-He, 25, electrical technician in sales approx. €28k net per year -She, 24, OTA (public service) approx. €20k net per year

I have one more question: What is your monthly net income? That is, without sales bonuses, Christmas bonuses, etc.