Feasibility Single-family house - Cost statement / Financing realistic?

General information about you:

[*]Who are you? 2 adults
[*]How old are you? Both 28 years old
[*]Are there children? No
[*]Are children planned? 2
[*]What do you do for a living? Engineer / Educator
[*]Are you employed, self-employed, retired, housewife, househusband, etc...
[*]How many hours do you work? 40/40

Income and asset situation:

[*]What income do you have (gross/net)? He 3000 net, 13.75 salaries (tending upwards) She 2200€, 13 salaries (also slightly increasing)
[*]How much equity do you have? 60,000 + plot available
[*]How much equity do you want to invest in the house project? 50,000

Housing costs:

[*]current cold rent 570€
[*]current warm rent 770€
[*]electricity: 50€
[*]

[*]

Total income and expenses:

[*]Total income 5200€
[*]Total expenses: 3000€
[*]Balance 2200€
[*]of which sum cold rent and dispensable savings (e.g. savings rate for house): 2750

General information about the property:

[*]How large is the plot? 650m²
[*]What are its dimensions?
[*]What is the standard land value? 70€/ m²

Hello everyone,

I have been a silent reader of this forum for a while, but I would still like to ask for your assessment of my current situation.

Current status:
- Plot purchased and fully paid off, but no concrete house offer received yet.

Planned house:
- House from a prefabricated house manufacturer turnkey with about 180m² without basement. (Plot is level) Medium standard. In the south of BW.
- Since manual skills are not that high, preferably a turnkey house. Own work is possible if necessary.

Estimated costs:
- House costs incl. upgrades 420,000
- Additional costs 35,000
- Outdoor facilities 25,000
- Double garage: 20,000
- Interior fittings (kitchen, etc.) 35,000
- Buffer 20,000 (as KFW funding)

Total = 535,000

Minus 60,000 equity results in a financing requirement of 475,000.

My question to you is, is the cost estimate realistic? Is the financing framework feasible?
According to my calculation, later with children, we should be able to manage a monthly payment of up to 1,700€, then married with tax class 3 and the assured increase in his salary. To me, the amounts always seem very high, but nothing is cheaper anymore. For houses in this area, you also pay 400,000+, but these are about 30 years old and need repairs.

Thank you very much in advance, I always find the answers here very helpful!

Costs are quite realistic. Presumably, your buffer will be included in the upscaling, or buffer = painter and floor layers.

Salaries are okay, but as often otherwise: with children it gets tight.

You apparently are not married yet? For financing it would be easier;)

Hi. I consider 475k with 2 more planned children borderline at that income. It can work well, but it could also be too much. If part-time work is added and later daycare fees, it will be challenging. Monthly expenses of 3k without a child also seem quite high to me. What exactly is included there? Furthermore, the question of when the building is supposed to take place?! Because prices are currently rising sharply.

The calculation looks solid and well thought out to me. You seem to "live well" and save at the same time (if the equity is self-earned).

I consider 475k with 2 more planned children borderline at that income.

One can definitely afford a bit of optimism regarding salary development at the end of their twenties.

We have pretty much the same amounts, so of course I think it will work ;-)

180sqm is certainly not exactly little, you have to consider that. A bit less would relax things a bit, but everyone has to set their own priorities. More space was more important to us than vacation, car..., but it doesn't make everyone happy in the same way.

Again about the targeted rate: I see it as set too high. We have 200€ more net monthly income, already have a small child, and finance 535k. Monthly rate 1,480€. In addition, there are about 450€ additional costs (3€/sqm including reserve). For you, on top of the 1,700€, there would be another 540€. Decide yourselves whether that is still doable. I say yes, it is possible. But then you don’t really have much room left. But you wrote that a big house has priority over leisure, so it could work ;)