Financing / house building feasible?

Hello everyone,

I would like to give a brief preliminary info to see if you find our plan reasonable.

About us:

27 and 29 years old
Net income together: €4200

Cost of land (540 sqm, fully developed including water and shaft) €41,000
Cost of house construction €172,000 excluding painting works.
Planned additional construction costs: approx. €35,000

We would need to finance about €250,000. The kitchen is planned as equity. So we would need to finance <100%.

Edit: Currently, our rent and additional costs are about €1000.

Tomorrow we have an appointment at the bank and will present our plan there again. Next week we will visit the construction company again, who will provide a more detailed breakdown of the additional construction costs.

Do you consider this financing realistic or would you rather advise against it?

Thank you in advance

How do you come to <100%?

41T + 172T + 35T = 248T. And you want to finance 250T? That is more than 100%. I am not even talking about the fact that many of the incidental construction costs are not value-increasing at all. Otherwise, it would be a 110% financing...

Oh yes my mistake. I meant that we have to finance >100%. The incidental building costs are also worrying me at the moment, since we still don't know exactly how high they will be.

Gradually the garden has to be done as well, driveway garage etc. I have not yet included that in the financing.

And where are the costs for painting and for the [Aufmusterung]?

We will be informed about that next week. We could also do it ourselves. However, if the material costs become too high, we can also have these tasks done by the company. I estimate that will easily cost us another €20,000.

What kind of house is it supposed to be for 172k?