Financing new construction project with average income

Should work thanks to good equity. If necessary, the garages can be omitted if more goes wrong during construction. A long fixed interest rate is a good decision.

Something has already been written about the cost situation. However, I noticed something "technical."

Building a precast concrete garage into the slope could become problematic regarding moisture depending on the soil.

Information about the soil is provided by the soil report. You need that anyway. Then critically evaluate whether a precast garage makes sense.

I am also shocked at what is nowadays considered a low income in this forum. After my apprenticeship, I started with 1500 net and was the king back then (15 years ago). With almost 2.5k net, you are definitely not a "low" earner :/

In the public service and project management social service, the salary will only increase moderately with age. The public sector is notoriously bad when it comes to salary increases, and sometimes the end of the pay grade is also the end of the increments.

634k total costs minus 97k does not equal a 480k loan?

Thank you very much for the many constructive feedbacks!

Something has already been said about the cost situation. However, I noticed something "technical."

Building a precast concrete garage into the hillside could become unpleasant regarding moisture depending on the soil.

Information about the soil is provided by the soil report. You need that anyway. Then critically assess whether a precast garage makes sense.

Thanks for the technical tip. One garage will be completely "buried" on two sides, so it is already sealed at the factory according to the "WU guideline from the German Committee for Reinforced Concrete." However, I would definitely additionally protect it from the outside with, for example, dimpled foil; that should work, I think (I still need to get more specific into it).

634k total costs minus 97k does not equal a 480k loan?

Correct, but we have already paid 70k for the land from our own funds. It is not listed in the total calculation but is mentioned several times in the post. Unfortunately, I can no longer add it to the original post about the total calculation.

Unfortunately, I cannot edit my original post, but for clarity I need to organize the overall cost breakdown again. I forgot to include the buffer, but it was priced into the loan. The plot of land was also not included in the overall summary, only listed as a separate item. None of this changes the loan volume, but it is somewhat confusing.

Total costs: €648,400 (house including additional costs and plot of land)
Deductible equity: €167,000 (equity + plot of land)
To be financed: €481,400 -> I round it to €480,000.