Equity+financing amount sufficient?

Hello dear forum community,

I recently registered here because my husband and I have been considering building a single-family house for a while. We have been married for just under a year, I am 27 and he is 33. By profession, he is a bricklayer and works at a construction company (my father and his father are also bricklayers). We have equity of 120,000€ and applied for a plot of land in our community at the beginning of the year. Recently, we received the notification that we have been allocated a plot. However, building land is quite expensive here. The plot intended for us is supposed to cost 167,000€. Given the professional background, we naturally want to build with solid construction. According to previous bank appointments, we would borrow 300,000€. (Net income together: 4100€, no children) Our ideas are: about 140 sqm living space with a basement + a granny flat + a single or double garage (we are flexible :) I would also like to have a bay window and therefore a small balcony for the upper floor... These are the key data... Maybe someone can tell us if we have just enough leeway with the mentioned sums to design one or the other thing as we imagine.

Best regards,
Natalie and Danilo

€120,000 equity + €300,000 loan = €420,000 budget
- €167,000 plot of land (are all additional costs already included? Tax, notary, land register?)
= €253,000

140 sqm living space + basement + granny flat + garage + additional building costs + outdoor facilities = > €253,000

Of course, it also depends on the execution. Simply putting a few straight walls into a box is naturally cheaper than something more complex.

To bring the rule of thumb out of oblivion. On average, €1,500 per sqm living space is commonly calculated.

That means for your house: 140 + 1,500 = €210,000
+ basement €30,000 to €50,000
+ garage from €10,000
+ additional building costs from €25,000

No, so the additional costs of around €11,000 will be added. With €120,000 in equity, we still have a buffer of €40,000 and we want (or rather my husband, I have no idea about this) to do as much as possible ourselves on the shell construction, which makes sense with 3 bricklayers. In addition, we get the shell construction materials at purchase price. How much savings this will be, I cannot estimate yet. It's just frustrating that the building plot is so expensive for us....

11,000 € additional costs?

Own work is often underestimated in terms of the time required, even if you have learned the respective profession.

Otherwise, maybe lower the demands on the house a bit. Basement, granny flat, garage / double garage, bay window, balcony.

Your budget and also the equity are not exactly small, so you can already build a decent house.

Incidentally, outdoor facilities as well as floor and wall coverings have been omitted so far.

I don't quite understand the last post....:confused: It's probably already too late. The other ancillary construction costs are definitely known to us, the €11,000 referred to the plot of land. An alternative would be a condominium, or trying to get a smaller plot of land. However, I am already considering whether we need a granny flat.... or whether we really need a basement. Although I could imagine regretting the basement later. In any case, we are still waiting for the offer from his boss. The calculation would then also be without the bay window and balcony... square, practical, good basically ;)

I'll try again:

Your budget and also the equity are not exactly small, so with [EL] on the shell construction, you can already build a decent house. ;) But without a basement, granny flat, ... .

My parents' basement: oil heating with [ - Tanks], laundry room with washing machine and dryer, storage/pantry (with looooooots of stuff), and a hobby room used as an "office."

In the new building, heating + other technology as well as washing machine/dryer are in the utility room, plus a small pantry by the kitchen, and there is a separate room for the office on the ground floor. Definitely possible with 140 sqm of living space. I wouldn’t need a basement. But everyone has to decide for themselves. ;)