Financing planning: Is house construction possible?

Dear forum,
we live in Hamburg but need more space & peace than what the local & current housing options allow. Therefore, we are looking for a plot of land in the northern half of the country to build on. Our details:

Family: 2 adults (mid-30s), 1 toddler
Household net income: currently €4500 (she: civil servant, 80%; he: employed part-time, which will remain the case), soon €5000 (she 100%)
Monthly fixed costs: approx. €3500 (student loan €300, daycare €190, mobility €200, living €1500, rent all inc. €1200)
Equity: €40,000

1.) Who can really advise us well financially?
2.) With what loan amount for plot & house can we probably plan?

I am new to the forum and ask for understanding if my questions are not in the right place here...

Thank you!

Dear forum, we live in Hamburg but need more space & peace than what is possible with the current local housing offer. Therefore, we are looking for a plot of land in the northern half of the state to build on. Our details: Family: 2 adults (mid-30s), 1 toddler Household net income: currently €4500 (she: civil servant, 80%; he: employed part-time, and that should remain so), soon €5000 (she 100%) monthly fixed costs: approx. €3500 (student loan €300, daycare €190, mobility €200, living €1500, rent all incl. €1200) Equity: €40,000 1.) Who can really advise us well financially? 2.) With what loan amount for land & house can we probably plan? I am new to the forum and ask for understanding if my questions are not in the right place here... Thank you!

Hamburg is not exactly the cheapest area, and is it even possible to build with this net household income? As a first tip, I would advise you to first look for a plot of land. If you buy land and house together from the developer, you then have to pay real estate transfer tax on both. This way, you only pay real estate transfer tax on the land. But that is probably easier said than done.

Regarding the financing amount with your income, I would roughly assume the 108-fold rule of the net household income, so €540,000 with all the trimmings + equity of €40,000 = €580,000 - max. €600,000.

I would also have said that 600k should be the limit.

I can't imagine that you can build with that in Hamburg. In Munich, that's already the cost of the land...
But with luck in finding the land and modest demands on the house, maybe somehow just barely feasible.
Until then, more can be saved as well.

Thank you for the quick answers! No, building is actually impossible in Hamburg and the immediate surrounding area. Our dream would be somewhere near the Sachsenwald in the Herzogtum Lauenburg, but that is also unrealistic, since you already pay around 300k just for the plot of land. Crazy, isn’t it? No, we are really looking for country life – on the one hand because we are truly seeking peace and space, on the other hand because anything urban would be impossible to finance anyway.

Pure construction costs (without garden etc.) are currently heading towards 3k/sqm here in the forum. You do the math...

As sad as it is - currently it is rather unlikely to happen.

The estimated construction & ancillary building costs (ancillary building costs) are at €2800/m² costs and an assumed 140m² living space at €450,000 (incl. 15% ancillary building costs only on the construction costs). Then there is a plot of land - let's say you find one for €100,000 [~600m² for €170]. Then you need at least €510,000 in loans. Using the rule of thumb (110% of household net income), you are already close to the limit of the credit framework. And when calculating in the interest calculator (fixed interest for 15 years) you are also already at the limit of monthly affordability - €1800/€5000 > 1/3.

If the house construction is larger or the construction/land is more expensive, it is no longer feasible. Maybe there is still some leeway with the construction costs with compromises; but the market situation is simply overheated and beyond normal bounds.

With such an endeavor, you can actually only counter this with more buffer & equity. And you do not have that and cannot save more anymore. Prices are currently rising at 10% per year - that means you would have to save more than €45,000 per year!! to stay in the race.