Financing existing property - feasibility

Hello everyone,

I have been reading here for some time and have been able to take away a lot.

The plan of my wife and me was always to build on a family property. However, the house next door is now being sold - plot slightly elevated, significantly better location.

Location: More rural area border NRW/Lower Saxony
Year built: 1999
Living space: 169 sqm over two floors
Construction type: Prefabricated house, Weberhaus - low energy
Plot: 2500 sqm (cul-de-sac location with a "park-like" plot - we also own the plots to the left and right of it - undeveloped). Standard land value: 65/sqm
Carport: 3 parking spaces + two rooms
Other extras: Awning, 6000l cistern,...
Purchase price: 450 offered, 430 conceivable.

Purchase price incl. additional costs: 466k
Equity: 75k
Financing required: Around 390k, current offer in combination with KfW 100k and another loan results in a rate of about 1850 at 1.8% repayment.
Household net income: 5,200 euros plus contractually fixed special payments, calculated monthly 500 net/month. My wife is still in her trainee phase.

We are now unsure, due to the simplicity of the purchase - everything finished, layout as desired, plot, in view of the interest rate situation and construction cost development, which of course can go both ways.

Basically two questions:
1. Is the purchase price appropriate?
2. Is the rate affordable for us? Further salary increases not considered.

Best regards

Children present or desired? That plays an extremely important role.
if not, feasible

Thank you for the quick response.

Not available, but planned - however only in 5 years.
Full-time salary 1 is the 3750 per month + 500 special payments divided down
Salary 2 still around 1400 as a difference for about 2 more years (Referendariat)

After that, around 3 more years full-time are planned. We are currently in our mid-20s.
20k equity for additional renovations (facade, possibly kitchen furniture without appliances) is additionally available.

Looks good. Where is the standard land value at 60 euros, crazy? Greven or rather Lotte? The property sounds very good!

May I ask what interest rate you got, and at which bank?

looks good. Where is the standard land value at 60 euros, insane? Greven or more like Lotte? The property sounds very good!

May I ask what interest rate you got, and at which bank?

Regionally, it’s more towards East Westphalia or the northern/eastern rather than the northern border of Lower Saxony/North Rhine-Westphalia.
With a traditional house bank, 100k KfW was offered with 3.84% effective and 4.05% as the first offer, with some room to request special conditions (target range 3.9x). The broker comes to similar values..

Sounds good. Financially, you should be able to manage that, even with children, since your wife's salary is expected to increase in the long run. During parental leave, it might get a bit tight (depending on how frugal you are), but in return, you will be able to save up properly with full-time work in the approximately 3 years before that.