Dream house or castle in the sky?

Good day everyone,

my wife and I want to build / buy a single-family house. Currently, we are looking for plots in Duisburg, so rather building.

About us:
Our daughter was born in 2013, my wife (35) is currently on parental leave until December, then full-time job with about €1,650 net. No further children planned.
I (32) earn about €2,800, in the next 4-5 years the income will rise to about €3,500. (But we only plan with €4,400).
Equity is almost non-existent as we bought a new family car last month. Warm rent €682.
We have 2 Wohnriester plans (from 2010) and 2 building savings contracts (1 from 2010, 1 older). About €30,000 is accumulated there. We pay almost €500 monthly. That means this money is available without any problems for financing. With my wife's salary from December, the budget will of course increase again.
Total budget is about €320,000 (I have an appointment today regarding financing, maybe the amount will still change).
About €100,000 is planned for the plot, the rest accordingly for the house and ancillary costs, etc.

Unfortunately, I currently have no feeling what is possible or realistic, especially no experience with house building prices.

How do you see the situation?

Thank you very much in advance

How much house do you want? €220,000 incl. all [NKs] we won't fall for such a big house, maybe about 120-130 sqm. You can certainly finance that comfortably with €4400 net.

I cannot contribute to the financing, but as a person affected who had lived in the expensive city in the south: Have you already looked at existing properties? They shouldn't be too overpriced in the Duisburg area, right?

The house should be about 140 m2. Existing properties are relatively expensive. For example, a semi-detached house with nearly 300 m2 of land from 2010 already costs 300,000€. What we imagine is currently not in sight.

Building it yourself will definitely not be cheaper.

Hello,

140 sqm for EUR 220,000.00 is going to be tight.

As a rough guideline, you can calculate EUR 1,500.00 per sqm of living space, however without floor coverings, painting work, and special requests...

That would already be EUR 210,000.00 for 140 sqm.

Basement desired? Depending on the level of finishing, another EUR 30,000.00 to EUR 50,000.00 would be due.

You can also calculate another EUR 40,000.00 to EUR 50,000.00 for incidental building costs.

Then we are already at EUR 250,000.00 to EUR 260,000.00 (without basement) - then add floor coverings and painting work and we are at about EUR 270,000.00 to EUR 280,000.00.

Note, this is without garages, kitchen, new furniture etc...

I think you should reconsider your budget, or consult with the bank.

In my opinion, with your income you should also be able to manage a larger loan amount without problems or too many restrictions.

Regards,

Dirk