Financing: Our house construction project is scheduled to start next year

Good day,
I would like to hear your opinion on our project.

General information about you:

[*]Who are you? Marvin and Michelle
[*]How old are you? both 25
[*]Are there children? no
[*]Are children planned? yes, approximately between the ages of 30-32
[*]What do you do professionally? both are employed
[*]Are you employed, self-employed, retired, housewife, househusband, etc...? both are employees
[*]How many hours do you work? I work 35 hours per week and she works 37.5

Income and asset situation:

[*]What income do you have (gross/net)? I earn on average between 2000 and 2200 € net per month and she just got a raise and now also earns on average 2000€ net
[*]How much child benefit do you receive? 0
[*]Other transfer payments such as parental allowance, sickness benefit, etc...? 0
[*]How much equity do you have? At the start of the project approx. 35,000€, currently it is 28,000€
[*]How much equity do you want to invest in the house project? I don't know yet.

Expense situation:
Expenses already included in other categories can of course be left out. This list is not exhaustive and can be expanded or consolidated as needed. Please make sure to state all costs monthly, even if they only occur annually!

Housing costs:

[*]current cold rent 550
[*]current warm rent 750
[*]Electricity 80
[*]Gas 0
[*]Water, sewage, waste fees, street cleaning
[*]Telephone, internet, mobile phone 100

Mobility costs:

[*]Monthly ticket for bus and train (also for the children!) 0
[*]Car loan (or savings rate for a new car) 0
[*]Insurance We pay 500€ annually each for our cars
[*]Taxes 240
[*]Fuel 100€ per month for one car
[*]Repairs
[*]Other
[*]Is there a second car, motorcycle, scooter? Please list all items again!

Insurance costs:

[*]Private health insurance (including supplementary insurance, daily sickness allowance, etc.) 0
[*]Liability insurance (including pets) 40€
[*]Capital or term life insurance 0
[*]Pension insurance (including Riester, Rürup, etc.) 50€
[*]Disability insurance 55€
[*]Accident insurance 20€
[*]Household insurance 20€
[*]Legal expenses insurance 28€
[*]Other insurances (e.g., travel insurance, funeral expenses insurance)

Living expenses:

[*]Groceries 300€
[*]Restaurant costs 0
[*]Care/drugstore 30€
[*]Pets (food, vet, medication, stable costs)
[*]Medication
[*]Clothing
[*]Furniture
[*]Daycare/school fees (and meal fees)
[*]Tutoring
[*]School supplies and books
[*]Club fees/gym
[*]Babysitter
[*]Toys
[*]Cleaning
[*]TV/video/audio/CDs/DVDs
[*]Tickets (football, cinema, concerts, etc.)
[*]Donations
[*]Other

Savings:

[*]Vacation
[*]House 700€
[*]Retirement provision
[*]Hobbies/gifts
[*]Other We both save 400€ per month in an ETF savings plan for retirement provision

Other expenses:

[*]Maintenance payments?
[*]Loans? My girlfriend is still paying off a car loan that runs for another 2 years, 100€ per month
[*]Other?
[*]Was anything forgotten? If so, please specify here!

Total income and expenses:

[*]Total income 4000€
[*]Total expenses 1913€
[*]Balance 2087€
[*]Of which sum cold rent and dispensable savings (e.g., savings rate for house) 937€

General information about the property:

[*]How large is the plot?
[*]What are its dimensions?
[*]What is the land reference value?
[*]New building, old building (year of construction), house type?
[*]Garages?
[*]How large is the house? (living space / usable space)
[*]What market value will the plot and house have after completion?

Construction or purchase costs:

[*]Plot costs Plot costs should be a maximum of 120,000€.
[*]Development costs
[*]Ancillary acquisition costs (notary, court, property transfer tax, broker)
[*]Construction or purchase costs (including architect, structural engineer) Maximum 330,000€
[*]Renovation and/or refurbishment costs
[*]Additional construction costs (e.g., house connections, soil expert, construction power, etc.)
[*]Outdoor facilities/terrace, paths, garden design, fences, etc.
[*]Financing costs (e.g., fees or commitment interest)
[*]Total costs

Other costs:

[*]Kitchen costs
[*]Furniture, lamps, decorations
[*]Other "non-acquisition, acquisition ancillary, construction or additional construction costs"

Cost summary:

[*]Total costs
[*]Deductible equity
[*]Financing amount

Necessary loan details:
(for multiple components please provide for each, for multiple variants please clearly differentiate):

[*]Loan amount 330,000€
[*]Type of loan (e.g., annuity loan, bullet loan, etc.)
[*]We would take out 3 loans.
[*]For the plot the KFW home ownership program. Interest rate 0.98% over 25 years. Interest rate fixed for 10 years
[*]For the house the energy-efficient building loan (I would like to have at least a KFW 55 house (with EE or NH class) so that we get the subsidies.) 150,000€ loan and 26,250€ grant. Interest rate is 0.95% fixed for 10 years. Term 21 to 30 years
[*]Finally a bank loan from any bank of 80,000€. Based on current interest rates you would have to get a rate of 1-3%, we assume we would get 2.3%
[*]Interest rate (p.a. nominal, otherwise effective)
[*]Interest rate fixed period
[*]Remaining debt at the end of the fixed interest period
[*]Fictitious total term until full repayment
[*]Initial repayment rate
[*]Monthly installment
[*]Special repayments possible? (Please state amount)
[*]Repayment rate change possible? (Conditions such as number, repayment rate range please specify)
[*]For pre-, interim- or final loan with building savings contracts please provide details of the building savings contract (building savings amount, credit interest rate, minimum savings rate, minimum savings amount, planned savings rate, Riester premiums, expected allocation date, later loan installment, loan interest rate, etc.)

Seems a bit confusing to me. Are the 330 K supposed to be the total cost for everything? Where does the difference to the necessary investment come from then? It certainly cannot be from the equity.

So 450k with 4k net or am I misunderstanding that? That would be too much for me, especially with children!

[*]For the plot, the KFW home ownership program. Interest rate 0.98% for 25 years fixed interest rate is 10 years
[*]For the house, the energy-efficient building loan (I would like to have at least a KFW 55 house (with EE or NH class) so that we receive the subsidies.) €150,000 loan and €26,250 grant. Interest rate is 0.95% for 10 years fixed interest rate. Term 21 to 30 years
[*]Lastly, a bank loan from any bank of €80,000, based on current interest rates one should get a rate between 1-3%, we assume that we would get 2.3%

These are €330,000 loans. If the plot costs €120,000 (with additional costs then €130,000), then €200,000 remain for the house. That will give about 70-80 sqm.

Is that really your plan?

I had made a typo and wanted to correct it. I meant, of course, from the bank €180,000. Then it would be a loan of €430K.

So we have set a maximum limit of 500K€ for everything. The plot of land, as mentioned, should not cost more than 120K€ since there are additional costs. The house should cost a maximum of 300-330K€, and then there are about 30-50K€ left for everything inside the house, kitchen, etc.