Financing feasible in the current situation? Single-family house 140 m² including basement

I would find the pressure that both really HAVE to work full-time to pay off the house too uncomfortable.

Well, in the opening post, the payment is said to be under 2000 and he alone currently has 4100 net. I don't really see the pressure there. In my opinion, the risk is more what happens if he has losses rather than if she continues working part-time. (Somewhere there will always be a risk if you don't win the lottery) When you get out with how much remaining debt at what time needs to be calculated, and whether you feel comfortable with it is certainly individual.

Deposit exchange is one thing, but you still need more credit.

That’s something you sort out anyway at the table of the financing bank.

With the new loan, the installment would almost double from €1,137 to €1,950. For that reason, we are currently quite uncertain,

I also feel uncertain about that, hence my inquiry about the "pressure."
Whether, for example, a residential building of any kind can be built on a "daycare center plot," I don’t really know...

Currently you know what you have. A new building is stressful and also costly at the moment.

I would not change the situation and take on a higher burden

Neither would I. The advantages of 10 sqm more living space are too small for me. And whether the basement is cost-effective... only 5% of people build with a basement here, because it is simply too "uneconomical."

The living space is 140 m². Part of the basement is also planned as living space (office in the basement)

I described it a bit poorly. The dead-end street and parking situation refer to the current property.

I understood that correctly. Only you didn’t: in a new development area, no great parking spaces are built anymore, the streets are often narrow... and it probably won’t give the resident any better parking quality than a dead-end street. On the contrary: possibly a through road, car parking on the property desired, which also means more land fees for driveway, double parking space, etc.
And yes, here...

And my children no longer find the garden so interesting nowadays. With school age, the need for a garden is already less.

... I think so too: parents feel they need more garden than children want ;)
Often from around age 8 (or so), the playground where you have other children to play with is usually more interesting than your own garden.
Planning a house at the moment strikes me as very brave.
And one more thing: I probably would have paid down a bit more in special repayments so that the constant installment pays down more than just interest.

- Parking situation is complicated (dead end, too many cars by now) and only one garage available

With school age, the need for a garden is already less.

On the other hand, the need for "being outside alone" continues to increase. Depending on the neighborhood, you can let the children go outside without supervision more or less well. Telling my 3-year-old that she can simply go outside, even to the street side, and that I will come later is very relaxed. A dead end street is worth its weight in gold. Back to the topic: I think the whole project can definitely be implemented. But with the second child, private obligations increase. I would expect a part-time job for a longer period, and the husband's 50-hour week is also to be questioned whether it is wanted permanently. Only 25 years left until retirement, or less, until the house is finished and the repayment begins. Apart from the finances, I would find the decision very difficult. I would only do it if the new residential area really brings advantages regarding daycares, schools, commute, other families in the environment, etc.

I think so too: Parents seem to need more garden than children want ;)

Oops… I correct myself:
Parents _want_ seemingly more garden than children _need_ :)

First of all, thanks for the numerous feedback :cool:

Roughly calculated – if you had, for example, made a special repayment of 40k, you would save 720€ every year from now on... I would have (not everything) made a special repayment.

best regards

Hmm yes, partly true, I have also been going back and forth on this. In addition, I have the option to invest the money at 2.5% interest with quarterly interest credit. I actually wanted to start the special repayment with equity of 100k.

Back to the topic: I think the whole project can certainly be carried out. But with the second child, private obligations increase. I would plan on part-time work for a longer time, and also question whether the husband’s 50-hour week is wanted permanently. Only 25 years left until retirement, or less, until the house is built and the repayment begins.

Apart from finances, I would find the decision very difficult. I would only do it if the new residential area really offers advantages in terms of daycare, schools, commute, other families in the environment, etc.

The 80% position is basically my wife’s wish. Until the birth of the first child she was a department head. She will only get this position again with an 80% role. That is actually also correct, since this position is difficult to cover with a 50% role. Thanks to grandma/grandpa, we are perhaps a bit more flexible regarding childcare, etc.

Maybe it is only 45 hours per week. It really depends a lot on the end customer. According to the employment contract it is 35 hours :)

I don’t think so either. For me, the advantages of 10 sqm of living space are too small. And whether the basement brings such cost-benefit... 5% of people built with a basement here because it is simply too “uneconomical.”

If you look purely at the cost-benefit factor, the basement is of course uneconomical. It is still a point that is under review. Currently we do have a basement... honestly, I do not want to do without it.

Planning a house right now seems very brave to me.
And one more thing: I would probably have made a bit more special repayments so that the constant rate pays off more than just interest.

The question is whether this “right time” even exists? In both discussions so far, we were both assured a fixed price guarantee over the entire construction phase.

If I may summarize, the financing is definitely within the realm of possibility, but whether this extra effort is worth it because of 10 m² is rather doubtful.

Maybe there are one or two more opinions:
Certainly, a purchase is always an emotional matter. However, if you remain completely objective, purely looking at the numbers - income/expenses and financing sum or monthly burden.

I am always quite cautious with financing, but if I see that over the last 3 years I was able to build equity of 60,000 € cumulatively

- despite two holidays a year, although only in Germany
- despite my wife’s parental leave
- despite new furniture for the dining room and office

Hmm I am still uncertain :eek::oops:;)

I remember my childhood. We were 5 children who grew up on a 320sqm plot. I still remember the garden as a "huge playground." In my opinion, it doesn't have to be a garden where you can practice crossing shots. As an adult, when you think about size, you only see numbers. But children do not. An inviting climbing frame with a swing and slide as well as the sandbox also fit in the terraced house garden on that little bit of lawn. Financially, we are in a very similar situation with debt levels and income, but a few years younger ;-)
What we did not have on our radar about 5-6 months ago either: inflation! Our living costs have already increased by €200 per month compared to January this year. And they will probably rise even (significantly) further. A complete gas supply stop is probably only a matter of time and likely to happen sooner rather than later.

As of today, we would no longer demolish the existing house but sell it as best as possible and buy an existing property with the money plus equity plus a significantly smaller loan.
Planning/building a house right now is mental suicide, unless you don't care at all about price increases, delivery times, and quality.
And I suspect that, by the way, the bank will try not to transfer the loan to a new property. They want to do their business as well and would rather have 3.5% interest for the money lent than what you are currently paying.
I would also not postpone this decision and expose the equity to inflation but use it for special repayment of the existing loan. Otherwise, every day only causes unnecessary interest costs.
We are basically trembling every day now about the gas issue because if that happens, the cards will be reshuffled, and we will have to see how and if it can continue at all. I must say, it’s not a good feeling.