Do we have enough money to finance the house?

Hi, I'm new here and have hardly any idea about financing etc. It's quite a thing on its own =)

We are considering buying a house, actually for a while now, but currently very intensively.
Normally we wanted a detached single-family house, unfortunately this is unaffordable in our region. Or does anyone here have a large, cheap plot of land?

That’s why we are looking at a semi-detached house, which strangely is quite cheap, location not ideal, but still good.
The house should cost €347,000 with our wishes.
151 sqm living space, 278 sqm plot, 2 full floors + 1 attic studio. "High-end" fittings. Although the sanitary facilities do not look high-end.

We saw an independent financing advisor, he said up to €375,000 including equity would be feasible without it being too tight.

Now about us and our income and expenses.
Me 28 (next week), my wife 25, our son 9.5 months. Planned to have another child in about 3 years.

Income:
Me at least €2400 net (depending on shift allowances, but €2400 is minimum)
Wife currently €761 net (she will go back to work as of April 2016), then our income is:

Me: approx. €2137
Wife approx.: €1900 + €184 (child benefit) = €2084

Expenses:
Me: Telephone/Internet (€30), private health insurance (€239), disability insurance (€40), rent (€484 including utilities), mobile (€22), fuel (approx. €100), electricity/gas (€98),
Wife: Sky (€30), insurance (€54), household money (food + going out €500), Riester pension (€120), mobile (€20)
Annual expenses calculated monthly: €150

So income minus expenses currently left to live (save) on €1291, and from 04/2016 = €2351

If you buy any unnecessary things, Amazon, Ebay etc., let’s say there are currently €100 left per month, rent would drop when buying + €484 and electricity and gas also + €98.
That would be a monthly balance of €1582 or from 2016 €2682

Equity available:
In daily allowance account: €50,000
Regular account: €13,500 I would like to leave this as is
Wife’s account: €8,000 Also prefer to leave it as is.

So, I hope the information is sufficient to tell us if we can afford the house or not??

Thanks

There are still many variable expenses missing from the expenses.
There are no clothes, no expenses for children and no holidays.
I don’t see costs for childcare either.
And certainly more.
Look over your accounts from the last 24 months to see how much has really gone out, then you have a reference point for how much really remains.

So, I have so many clothes, I don't need anything new and if I do, it's not a problem, I still have another account where money is slowly growing. I don't include vacation, we've lived well in the last few years, so for the next few years it would just be dropped. I also just deducted almost €300, that's the expenses. Otherwise, we have everything, so we don't really need anything. Edit: it is a new build Kfw70, solid construction

For a new build, you have to add another 40,000 Eur for ancillary costs. There is a thread here in which individual people have listed their ancillary costs.
The house is supposed to cost 347,000 Eur with your wishes? Is that turnkey? If yes, you probably also have to calculate flooring, wall colors, and things like that.
And you probably still need a kitchen as well.

You don't have to loudly answer the question about your expenses here, and you don't have to justify yourself either. Everyone here will only advise you to honestly answer it to yourself.

You have lived well and taken a decent amount of vacations in recent years, and now you want to give that up for the next 20 years? You won’t buy clothes anymore either? You only have to fuel the car, but it never has to go to the workshop? You can successfully avoid the GEZ? The second child won’t eat anymore? Kindergarten is free for you? You never buy new gadgets and no magazines either?

We categorize all our expenses with account management software so that we can see very well what we spend how much on. Our fixed costs are about 1500 Euros for the four of us. Yay, plenty left over for a house build.
The variable expenses "here a magazine, there an ice cream, swimming pool, occasional public transport rides, health co-payments" which are all "just 10 Euros here and there", "sure, 800 Euros for a DSLR is a lot, but you have to count it over the year and it only happens once", "it’s just a one-time repair", "That’s a wedding gift, that only happens once, they only marry once", "but I get coffee and a sandwich every morning", "when we do go to the cinema, then we do it properly" add up to a whopping 1000 Euros per month, which I never thought before. The table is full of small amounts.
Oops, 1000 Euros less available for the house build.

That applies to us, it might not be transferable to you. It will also decrease for us with a house build, but not disappear.
You don’t have to justify yourself. But you wrote here because you want advice. And that advice is very clear:

Look again. You apparently have only done that with rose-colored glasses so far. Your expenses are certainly higher.

On the whole, though, it should somehow be doable with your salaries.

I can only agree with DNL. Please take another close look at your expenses. Does your wife know that there will be no new clothes or vacations for the next few years? 500€ for food, hygiene products, and going out – are you sure that's enough? The child doesn't need diapers, no clothes...? You only have health insurance and disability insurance? What about, for example, car insurance? Otherwise, what DNL said applies. After deducting incidental construction costs, furniture, and other small stuff, not much will be left from the equity. So, a financing of over 300,000€ remains. I find that very ambitious with an income of 3500€. I wouldn’t count your wife’s salary at the moment, because this is still at least 1.5 years away. What if the second child comes earlier or something else comes up? Are your wife’s roughly 700€ parental allowance? I would be surprised if banks count that as income.

So the 700€ are parental allowance, not included by the bank.
Car insurance is annual, I have already calculated it on a monthly basis.
Real estate transfer tax and such we would only have to pay on the land (80,000).
There definitely won’t be any vacation in the next few years, she knows that too. You have to choose one, either house or vacation.
500 is definitely enough, actually we usually spend just under 400 on groceries.
Well, you can still buy clothes now and then, you don’t need them every month, that’s why the advisor’s calculation wasn’t so tight.
The child obviously costs something, but that comes from the woman, she wasn’t taken into account by the advisor.

The house is turnkey, however no flooring in the bedrooms, we would spend max. 15-20€ per sqm for that.
We also still need a kitchen, that’s why we wanted to take out a bit more credit than we need for the house + incidental costs.

Kindergarten is not free, but that only starts once the woman works properly again.
GEZ is my problem and we don’t buy magazines.
There are no health co-payments.
We can partially swim for free.
Coffee and rolls are already included in the 500.

What about dental treatments? Additional treatments during the next pregnancy? Braces or glasses for the children? Etc. Things can add up quickly. Kindergarten bag, school backpack, excursions, class fund, instrument, club fees, and sports equipment. You should think about what will still come in the next few years and factor that in. If it concerns your wife, what happens with the next child? Parental allowance? Secure job? Etc.