Construction project realistic? Assessments

Hello dear forum members,

we are a soon-to-be family of four and want to realize our dream of owning a house.
The plan is a house with 2 full floors as a city villa with about 140-150 sqm without a basement and with an attic as storage space. 2 children's rooms and an office, parents' bedroom, open living/dining area, kitchen, storage room, and utility room, Kfw 70 - 55 with a fireplace.
The plot of about 450 sqm plus a double garage will be gifted to us by the parents. However, the plot is next to where the parents' house still stands.. so in the end, it might be too close ^^ on the other hand, the plot near Kassel is not affordable for us and there simply are no more plots available.
The equity is tied up in the condominium, which can be completely paid off after 4 years and sold without tax disadvantages.
We expect at least 120,000 euros there.
My husband earns about 3000 - 3300 net and I am currently still on parental leave with the first child and with the second until 2021, then I can work part-time again, which brings us about 1000 euros per month.
The plan is to start building in 3 years and to move in within 4 years, or maybe earlier? But we can't sell the condominium yet and I am still on parental leave with a baby.
The plan is to manage with 250,000 € completely finished, inside and outside, whereby we only want to do wallpapering and possibly laying the flooring ourselves. A new kitchen for about 10,000 and a fireplace should also be included.
We are currently paying 900 euros cold rent and want to repay about that amount per month later; additional costs would still come on top.
Since my husband will be 40 in 3 years, we want to pay off the house in 15 years, of course with the money coming from the apartment as well.
Is all of this really realistic? So 250K € construction costs with additional costs excluding the land and 120,000 equity - 15 years and 900 euros repayment per month?
Best regards

No, sorry, that is not realistic. You will not build that for 250,000. Of course, it strongly depends on the equipment, etc., but if you want a rough estimate, expect at least 350,000 for the house and outdoor facilities like driveway and fence. In 3 years, that probably won't be enough anymore. What does it mean that you get the plot + garage for free? Are they paying for the construction of the garage? A double garage is also quite expensive if not. That will be added to the 350.

I think she means financing 250,000 and 120,000 equity for the house, so 370,000 euros. However, that is still too little since you only want to start in 3 years. Calculate with 400,000 in total excluding the land, that could work. There is also some buffer included.

The plan is to complete everything for 250,000 €, both inside and outside, whereby we only want to do wallpapering and possibly laying the floor ourselves as our own contribution. A new kitchen for about 10,000 and a fireplace should also be included.

We like to calculate here with 2000€/m² plus additional construction costs (earthworks, connections, etc.). That already amounts to the mentioned 350,000 €. Kitchen, garage and outdoor facilities are of course extra.

Where does the desired 250,000 € come from?

You must read until the end, the 120 TEuro come on top!

No, sorry, that is not realistic. You won’t build that for 250,000. Of course, it depends a lot on the equipment, etc., but if you want a rough idea, calculate at least 350,000 for the house and outdoor facilities like driveway and fence. In 3 years, that probably won’t even be enough. What do you mean you get the plot + garage as a gift? Are they paying for the construction of the garage? A double garage is still quite expensive if not. That comes on top of the 350.

No, the double garage is already on the property and the plot belongs to the parents, which was planned from the start for 2 houses; there is even a separate house number for it. We don’t need a fence and the plot is already fully developed. Also, the real estate transfer tax is waived on gifts to children. We also don’t count much for outdoor facilities because the plot is rather small and a fence to the neighboring house already exists. That’s why we thought we’d be completely finished with the construction at 250-280 k€.