Home Construction Financing - Assessment of the Project

Good morning everyone,

as a silent reader over the past few weeks, I have gained the feeling of being well taken care of in the community.
This spring, we purchased an undeveloped plot of land (850 sqm) in the rural Thuringia area (30 km from Erfurt) for €45,000 (equity).
This plot is to be developed after the appropriate building permit (application to be submitted next week, preliminary discussion with the approving authority was positive) and built on next year. The plan is to start talking to banks early next year and to have the loan in place by the start of construction (scheduled for March) at the latest.
I have absolutely no experience with loans and wanted to ask around whether our financial situation will allow for a reasonable loan and to what extent the planned own contributions will be taken into account. Maybe there are some experiences regarding this.

General information about you:

[*]How old are you? W31 and M31 (married)
[*]Do you have children? A three-year-old daughter
[*]Are more children planned? Another child is planned after the house construction.
[*]What do you do for a living? W: civil servant teacher, M: engineer in road and civil engineering
[*]How many hours do you work? both full-time (child attends daycare full-time)

Income and asset situation:

[*]What income do you have (gross/net)? €6,700/net
[*]How much child benefit do you receive? €250
[*]How much equity do you have? The already acquired plot, about €40,000, €35,000 in ETFs and crypto as well as a home savings contract (€10,000).
[*]How much equity do you want to invest in the house project? €60,000

Expense situation:

Housing costs:

[*]Current warm rent including electricity, water, sewage,...: €500 (apartment in a multi-family house owned by family)
[*]Telephone, internet, mobile: €120

Mobility costs:

[*]Situation: 2 cars (one company car with private use)
[*]Insurance: €45
[*]Taxes: €15
[*]Fuel: €100
[*]Repairs + savings rate: €150

Insurance costs:

[*]Private health insurance: €450
[*]Liability insurance: €40
[*]Disability insurance: €80
[*]Accident insurance: €30

Living expenses:

[*]Food: €600
[*]Restaurant costs: €120
[*]Care/drugstore: €50
[*]Pets: €400 (many animals on family-owned farm)
[*]Clothing: €100
[*]Daycare/school fees (and meal money): €220
[*]Club fees/gym: €30
[*]Toys/books: €20
[*]Miscellaneous: €100

Savings contributions:

[*]Vacation: €200
[*]Retirement provision: €300
[*]Hobbies/gifts: €200

Total income and expenses:

[*]Total income: €6,950
[*]Total expenses: €3,870
[*]Balance: about €3,080

General information about the property:

[*]How big is the plot? about 850 sqm
[*]What are the dimensions? about 44m x 19m
[*]What is the standard land value? €55/m2
[*]New build, old building (year built), house type? New build of a city villa
[*]Garages? Carport (planned later as own work)
[*]How big is the house? about 160 sqm living space

Construction or purchase costs:

[*]Plot costs: €45,000 incl. land transfer tax and notary fees (already paid)
[*]Development costs: €8,000 (own work) + €10,000 for private right of way (value reduction + land register entry)
[*]Construction or purchase costs (incl. architect, structural engineer): €300,000 (everything except HVAC and roof is own work)
[*]Additional construction costs (e.g. house connections, soil surveyor, construction power etc.): €10,000
[*]Outdoor facilities/terrace, paths, garden design, fences etc.: €30,000
[*]Total costs: approx. €360,000 (still to be expected)

Other costs:

[*]Kitchen costs: €25,000
[*]Furniture, lamps, decoration: €15,000

Cost summary:

[*]Total costs: €400,000
[*]Deductible equity: €60,000 + €15,000 (can still be saved by 02/25)
[*]Financing amount: €325,000

I thank you in advance for any tips, suggestions, and criticism of any kind!!

With the financial situation and the (hopefully) possible own contributions, the thread can be closed and you can start building the house. What else is there to say?

That all looks great so far. You can save a lot on the kitchen by getting a finished display kitchen now and then adjusting your floor plan to this kitchen.

I only paid 4000 for my brand new Nobilia kitchen. At Küchenlagerverkauf Paderborn.Igor Schermer.

You can already see from your list of expenses that you maintain a moderate and down-to-earth approach to your available money. This will also be reflected in your house construction, which should therefore be feasible without major problems. There are some really beautiful houses in here that were designed thoughtfully and cost-consciously and turned out exceptionally well in the end.

Financially no problem, I just wonder how you want to almost completely conjure up a house from the shell construction with one child and two full-time jobs by doing it yourselves. Will friends and relatives come to help after work over the course of months? Who signs off on the electrical work so that you can get a meter, etc... Oh, and incidental building costs are calculated way, way too low. Just for the house connections, probably no 10,000 EUR will be enough...

If you do not calculate €3000/m2 as construction costs for a current standard, with 160m2 I then come to €480,000 just for the house. They are pushed down to €340,000 here through own contributions, with two full-time jobs? That is hard to comprehend. Garden design for €30,000 on an 800m2 plot must also be very low and require significant own contributions.