Financing single-family home - land available

We are currently not working full-time. This can also be seen in the breakdown of 70% and 80%. So, in the end, it amounts to 1.5 salaries. However, this should not change significantly in the coming years. We have fought for this arrangement for a long time and can both equally take care of children and work. We already have 2 children. We live in Germany but are cross-border commuters. Parental allowance includes 3 months of maternity leave during which the income does not change. Then I (she) take 6 months of full-time parental leave and receive about 2000 EUR parental allowance, afterwards my husband also takes 6 months of parental leave and receives about 2200 EUR parental allowance. Then a little overtime reduction and remaining vacation days, and K3 goes to the daycare provider from 16-18 months until about 2 p.m. That is not a problem for us; we have already tried this (or something similar) with the two older ones. The two 13th salaries are contractually fixed. So, well over 6000 EUR more is secured. The bonus is not fixed; last year it was somewhat lower at about 2 monthly salaries. With a repayment rate of 3% and an interest rate of 1.3%, that would be a monthly installment of about 2060 EUR. I cannot imagine that we would come to an annuity of 5% with 3% repayment. I consider an interest rate of 2% with a loan-to-value ratio of 72% to be unrealistic.

By the way, 210 sqm without a basement are to be built, but with a double garage and a storage room in the slope. The slope is ascending, so in the basement the rear part is in the slope with only small basement windows and light wells. The utility room and technical room are to be located there. The rest of the basement has normal lighting and is mainly planned for children's rooms + bathroom. From the upper floor, you enter the garden. Therefore, the living room/dining room/kitchen and master bedroom are to be located there. A small office is currently also planned upstairs. With 4 bedrooms and an office as well as the difficult conditions due to the slope and the associated lighting problem (technical and utility rooms together have about 30 sqm), we could not reasonably make it smaller. The garage is quite expensive, but will also serve as a roof terrace. The garage is already included in the construction costs.

The rest in the basement has normal lighting and is mainly planned for children's rooms + bathroom.

That would have been my suggestion as well. Great!
Many people think incorrectly and build one level more than necessary (normally a pre-planned house + basement due to slope)
You guys are doing fine :)

Are you building 210 sqm plus basement because of the slope? I would start there and turn one floor of the basement into a living floor, so maybe skip one floor. Or not?

I already described the house upstairs in more detail. It is being built without a traditional basement. The lower ground floor is mainly intended for regular living spaces (children's rooms). On the slope side, there is then the utility room and technical area, which are somewhat larger (about 30 sqm), since this area is difficult to use otherwise due to the lighting, and as a household of five, I also appreciate the storage space. The lower ground floor is fully insulated, so like normal living space, with standard ceiling height, underfloor heating, etc. Therefore, costs similar to normal living area naturally arise. The garage is already a substantial cost driver. It stands next to the house (there is also access to the lower ground floor). The architect explained to me that because of the missing load of an upper floor (the garage is not overbuilt, it is only used as a roof terrace), it has to be especially stable since it has to absorb the slope pressure without that additional weight. The garage is to be made from precast concrete elements. The concrete elements contain steel reinforcements, and the middle part is then poured with concrete on site. That’s how it was explained to me. The garage, measuring 6.20m*9.60m, costs 45k plus the cost of the terrace on top, which is included in the landscaping budget. Of course, we also had the idea of skipping the garage. But then we would need a large retaining wall, which, if it should look nice, also costs quite a lot. Additionally, with a double carport and an attached storage room, we probably wouldn’t come out significantly cheaper.

I always find it difficult to calculate with 2 full-time salaries when (additional) children are planned. I would certainly, for safety’s sake, calculate with a maximum of 1.5 salaries. You never know what surprises life may have in store. If you can still easily manage the rate + additional costs with at least 3% repayment --> go for it. I wouldn’t count on special repayments in advance anyway; very few have that much discipline.

Sorry, I overlooked the working hours. Under these conditions: Where exactly is your problem now?

Sorry, I overlooked the working hours. Under these conditions: Where exactly is your/your problem now?

This is being asked here if it fits. Personally, I don’t see a problem – if it gets tight, the savings rate for the vacation will be reduced and/or the cleaning lady dismissed. There is the 800€ buffer that might help if needed.