Financing land and house? Taking out a mortgage? Construction costs?

Hello dear forum community,

I have been reading diligently for about half a year now, as we have bought a plot of land in Bavaria. But now the time has come, I am desperate...

The situation is as follows:
We (35, 38 with two children, 8, 12, no more planned) bought a plot of land last year:
€190,000 fully developed including incidental purchase costs, €150,000 loan which is already being paid off, €40,000 from equity;

Financial situation:
Income approx. €6,000 net
Expenses:
Loan rate for the plot €600
Building savings contract total €600 (one with €400 will then be used for the house financing)
Cold rent €500 (very cheap)
Additional costs €300
Otherwise monthly costs are variable; important here: €1,000 is put aside every month in a separate account and we do not have to restrict ourselves much for this.
Equity currently €135,000 (minus €40,000 for the plot, so still €85,000)

Now we logically want to build a house on it. The design is finished and we like it extremely much:
145 sqm with an extra-long double garage without a basement, gable roof, ground floor + 1, knee wall at 1.0 meter (requirements according to the development plan: roof, knee wall, ground floor + 1); the plot must be filled up about 1 meter to street level; KfW 55

My husband is an architect and we award all trades ourselves.
We actually thought this should work out well, no huge living space, no basement, etc.

But now comes the price shock: The house alone will cost €405,000. ?!?!?
I do not know what to do right now. We already registered a land charge of €400,000 when buying the plot, because that was also our limit in mind for what we wanted to spend. That would not be enough now...
We could still borrow €20,000 from the parents, but even that is not enough.

I am really losing faith.

Here are the trades:
Shell construction with plaster and screed €150,000 (including ground works)
Roof €40,000
Drywall €30,000
Wood stove €10,000
Windows, doors (wood-aluminum with venetian blinds) €50,000
Sanitary €40,000 (air-water heat pump, underfloor heating, controlled residential ventilation) without sanitary fixtures (we buy those ourselves and have acquaintances install them)
Tiles €10,000 (this is still estimated, the offer is not yet available)
House connections €10,000
Garage door €4,000
Statics €2,400
Kitchen and carpenter €20,000 (estimated)
Electrical €16,000
Steel stair railing €3,500

We certainly planned with a higher standard, but this is now too extreme...

My questions to you, after you have bravely read everything:
Where does the huge final price come from?
What do we do about the financing? Is it possible to take out more than the land charge? And is that still manageable with our income? Currently we would come to just under €1,700 rate if we stay with the €400,000.

Thanks already to everyone who puts so much effort here!!!

I don't understand the questions... your husband is an architect and should have good contacts... with certain limitations like no wood-aluminum windows (for whatever reason you want that) or the fireplace for 10k, it's doable

With your income and equity, I find the total amount of 600k€ quite feasible. You have indeed planned a really high standard in some areas, from my perspective, for example with the windows, and also the sanitary/heating is already generous. I would reconsider whether you would accept certain compromises if the amount is too high for you.

House including garage and additional construction costs kitchen etc. for 400k? In Bavaria? Hello? That’s not expensive.. or have I missed something?! We don’t have more 2010.

Hello,

Where does the crazy final price come from?

...therefore...

We definitely planned with a higher standard, but this is now a bit too extreme...

...everything else is hard to judge without knowing more about the design.

Some things are even relatively moderate...electricity not much, tiles depending on what should be tiled also not much, what exactly does shell construction with floor work (earthworks?) mean?

Price drivers are definitely: overly long garage, wood-aluminum with blinds, fireplace, controlled residential ventilation, sanitary if sanitary objects still come separately, earthworks.

Here people like to assume €2,000 /sqm construction costs, so calculate:

House: 145 x 2,000 = 290,000
Garage: 40,000
Additional costs: 50,000

That’s 380,000...plus exterior facilities, kitchen, furniture etc.

If you now add your extras like fireplace etc., it’s all explainable.

If it should be cheaper...reduce your standard. Overall I don’t find it excessively expensive.

What do we do about the financing? Is it possibly possible to take out more than the mortgage?

No, no bank does that, but registering an additional mortgage is no problem.

And is that still feasible with our income?

Without knowing more details, hard to say but with 6000 net on paper certainly possible. The question is how you live and how much you want to restrict yourselves.

I’m more shocked by the naivety of someone who should know better (architect!).

The price is not "crazy," but normal. It can't really be much more than "slightly above standard."
Your cost breakdown is not complete. Have you simply not listed the other trades, or have they not been concretely planned yet? Your husband as an architect should know best how the €405,000 comes together.

A major cost driver is, of course, the KfW 55 standard. Does it have to be that way? It is not economical. And therefore I don’t understand why one plans for KfW 55 and then wonders about the high costs. But your husband should actually know that better.

For example, I find the tiling budget too tight. Either not everything will be tiled (but then the calculation for the additional flooring is missing) or you should multiply the amount by 1.5 to 2.
The electrical work at €16,000 is also tight, but of course it depends on the wishes.

Another question I have: You have €135,000 equity but only €40,000 invested in the land? Sure, you should keep a certain buffer, but you left almost €100,000 unused. I would have put at least another €50,000 into the land and saved myself some interest.