Financing plan for new construction on existing property

Hello,

we are planning a new construction soon. We have reserved a plot of land in the Greater Düsseldorf area.

Cost breakdown:
House: €310,000
Land: €230,000
Additional costs: €60,000
Special requests/buffer: €40,000
=> €640,000

Equity available: ~€200,000
Net income man (34): €4,000 (DAX company)
Net income woman (33): €2,300 at 60% position (civil servant)
Children 2 (3 and 4): 2 x child benefit, family planning therefore completed

The amount to be financed would therefore be €440,000. This amount feels high to me. Theoretically, we could certainly save a bit on the house, but we actually do not want to give up any of the integrated items :) According to our household calculation, we should actually be able to manage this amount well, we are quite frugal people. Our current cold rent is €1,300 and we save €2,000 per month.

My questions:
1) Does the financing amount fit our income?
2) My next plan was to best talk to my bank first. Afterwards maybe to Dr. Klein or Interhyp. Is that the right approach?

Thank you very much!!!

Best regards
Maik

How many square meters will it be?
And how much do you have in additional costs now?

With the house, it will probably be a bit more than you have now; but your numbers look very positive.

And if you put down or can put down at least 5% annuity (so 1850€), I wouldn't have any worries even with this "high amount".

Definitely get several offers:)

Hello,

we could invest up to €2,000 monthly according to our household budget, so that we can still save a certain amount per month (~€1,000) additionally for various things, possibly also for special repayments. Currently, we have additional costs of just under €400, so not little...

About the house: 180 sqm + double garage, without a basement, KFW 55, pitched roof. Nothing particularly special, but nice ;)

Regards
Maik

Seems to me like a solid deal. Equity is obviously great, loan amount in relation to income very comfortable, in my opinion you could even take on more. But your household budget has to be right (which it probably is).

Special requests/buffer should not be mixed in, in my opinion. You'll be spending the money for special requests anyway with 180sqm. The buffer is for unforeseen things, not for goodies.
I also think you'll have to factor in a few thousand more during your house planning (kitchen, furniture, outdoor facilities, etc).

House costs seem too low to me. Better calculate with 1800 x 180 plus garage. That is more realistic. And even at 1800 EUR per sqm, you still don't have any frills like KNX, controlled residential ventilation, fireplace, etc...

House: €310,000

About the house: 180 sqm + double garage, no basement, KFW 55, gable roof. Nothing particularly special, but nice

This seems to me the norm here in the forum by now: Nothing special, but 180 sqm with KfW55 standard. Nothing special means IMHO 140 sqm according to the Energy Saving Ordinance.

I consider €310,000 for what you described extremely optimistic. It will surely be a bit more ;-).

For real estate transfer tax and notary, another €20,000 will go up in smoke. (That would leave €40,000 for incidental construction costs, which might work.)

If you break down the buffer/miscellaneous item further for yourself, the picture will become clearer.