Financing feasible - Opinions desired

Hello,

we are currently in the process of buying an end-of-terrace house in the Rhine-Main area. New build KFW70, about 200m² plot and 135m² living space over 3 floors without a basement.

Price €299,500
Special requests for the house €7,000
We estimate kitchen, floors, and walls to be done by ourselves at a total of €10,000

We currently have €27,000 equity and I will also receive an employer loan of €35,000 which I will repay completely within 15 years with €250 per month.

We would possibly do everything through a bank and start with 2% repayment, term 15 years. Cost currently about €950 and just before the bank’s approval

€950 + €250 = €1,200 rate per month + additional costs around €300 (I believe this is calculated very generously)

I earn €3,020 net
My wife is currently at home because of our child and therefore has no income. She might start a part-time job for €400
Child benefit €184

I have attached one of our household budgets and would appreciate your feedback. At the end of the month, we see a plus of about €700 which would be available for living expenses, like buying clothes and going out sometimes, buying gifts and saving more.

And the question?

Is the [Arbeitgeberdarlehen] interest-free? Then you would have to deduct the monetary benefit from your net income.

The question is, is the plan as it stands reasonable and feasible?

The [Arbeitgeberdarlehen] is not interest-free.

Phew, where should I start? We ourselves moved away from RM and know the prices there. The terraced houses under 300k already existed 2-3 years ago. After reading the small print and developing a bit of intuition, you were at 400k. We moved away to our homeland and commute in.

7k for special requests and 10k for kitchen and floors. Well..................................... Ambitious! Also financing 300k with a 3k income. Ambitious! Eventually the child will also go to kindergarten. That costs money. How many properties / builders have you looked at?

Kfw70 and 2,200 € per square meter is cheap, too cheap. Does the parking space cost nothing?

So after I saw the calculation, I also find it ambitious, without questioning the individual amounts (but 10k for the kitchen and coverings could be tight).

But you want to finance with €1200, you have €1360 left at the end of the month for that if you include the rent? The additional costs will be higher. And then you also need something to put aside for repairs, new purchases, etc.?

Vacation and fun (there is nothing listed in the table) you want that too, right? With discipline it could work, but get ready that your wife should look for a side job.

Family planning otherwise completed?

The price already includes 2 parking spaces, the paving work is done, and house connections are also included. We have looked at quite a few options and always came back to this house because of the good overall package. The developer is well known and you can see quite a few of his projects in the Rhine-Main area. The houses were off the market for a year due to problems with the landowner. But this is now resolved and the houses are selling quickly because of the good price. As mentioned, there are no more hidden costs to be seen. I looked at several developers and there is always something extra! The only thing missing is landscaping... that can only be done little by little.

: What do you mean by factoring in rent? The rent is no longer an issue... I thought €300 for additional costs would be sufficient, the opinions I have heard so far are that it will be cheaper.

Having a second child would be nice. We are aware that we won't have vacations for the time being.