House construction 2022 how to approach best?

Hello dear forum community,

my girlfriend (34) and I (34) want to fulfill the dream of owning a house. Location (area Leverkusen, Wuppertal and surroundings).
The plan is a modern house with a flat roof and about 180 sqm living space. Additionally, a plot of land is needed, which is proving difficult to find. At the moment, we somewhat lack the feeling whether it could fit our ideas.
My calculation is as follows:
House 180 sqm * €2200 per sqm = approx. €400,000 (We want it somewhat upscale, many floor-to-ceiling windows, external blinds, en suite bathroom, etc...) + double garage approx. €30,000, additional building costs including outdoor facilities approx. €80,000 + land approx. €150,000. That makes a total volume of €660,000. In addition, I would add a buffer of €40,000. I am deliberately leaving out kitchen and furniture, I know the prices...

A child is planned for next year, so we would also like to start building the house in 2022. We want to take our time regarding the planning. The biggest problem we see is especially the search for land.


Income:
She: €2200 plus 13th & 14th salary
He: €4400 plus €6000 bonus annually
-------
€6600


Equity:
She: €10,000 plus a paid-off condominium worth approx. €120,000 in which we have been living together for a few weeks
He: €20,000 plus some capital investments with a market value of approx. €1,800,000 (rising) and debts of €1,200,000 against them. My equity has often been invested in the capital assets (purchase incidental costs)

Savings rate since this month is a relaxed €2,500 for us. Why not more? We also want to live. Currently, we take 3-4 partly long vacations per year and like to do activities. When the child is there, vacations will be smaller and different.

My capital investments generate a positive surplus and cover all costs including taxes. They are supposed to continue running and will not be sold for now.
My girlfriend’s apartment would be rented out when we move. Cold rent approx. €500. As soon as we have a child, my girlfriend would go part-time. The wedding is planned and due to the tax classes, we would continue to have €6,600 income. Additionally, we would have the €500 cold rent. So in total, we would have about €7,000 plus per month available.

The goal is to buy the plot of land with the liquid equity (additional costs plus part of the purchase price). The rest we would finance variably to stay flexible with the house construction.


Debts:
None except the aforementioned real estate

The following questions arise for me:
Is our plan realistic regarding the costs or do we have to plan 50-100,000€ more for the construction?
Could there still be problems regarding the capital investments (rent is not valued 100% etc.)? I would prefer not to sell at the moment...
We imagine a monthly burden of €2,000, could go up to a maximum of €2,500 only for the loan, so that with incidental costs and reserves we would be at €3,000 per month. Special repayments can always be made if needed.

In two years, €2200/m² will quite certainly not be considered upscale. The price of land obviously depends on the location. Therefore, the volume is quite certainly too low given the wishes.

There is very little one can say about the investments. If not much more than the incidental purchase costs have been paid so far, I can well imagine that banks view this rather critically.

Income is good though, and I think the planned installment is as well. It also depends on when you want to be finished.

My equity has gone into the incidental purchase costs. Before the question arises why there is so little equity with such earnings. The debts on the investments are decreasing and decreasing. The plot of land is the big unknown concerning the total price. What would one have to calculate today for a high-end finish per sqm? The growth is currently about 4-5%, so you can roughly calculate the price for 2022 yourself.

The advantage is that all my properties are in Cologne and the immediate surrounding area. All were purchased as new builds and here too, prices will continue to rise until 2022, somewhat compensating for it. I would have no problem selling a property to bring in another 150,000-200,000€. Even if reluctantly, but for the dream of owning a house, I would be willing to do so. What I lack is the feeling for house prices.

Theoretically, we want to be done by 25 years at the latest. Regardless of building the house, my goal was to sell all investments within 15-20 years. By then, most of them would also be paid off.

Just skimmed through diagonally due to lack of time, so just a few initial thoughts:

- I don't know the prices in your region but for an upscale finish (which is relative) in 2022 I would rather expect 2,500-2,700/sqm.
- What does it mean that a child is planned for next year? Is your girlfriend already pregnant? What will you do if it doesn't happen right away? Sorry for addressing this so bluntly but it is a factor.
- Are your 2,000 possible expenses based on the current "is" or also on when you have a child?
- Capital investments can (but do not have to) become a big problem. Are these several small or a few large ones? Do they pay for themselves? Reserves? Rental loss? Etc. At first glance the ratio between liquid equity and the scale of the capital investments doesn't fit for me. (Unless there are reserves). I would rather not see that as a bank.

No, she is not pregnant yet. Therefore, we are first looking for a plot of land and plan, God willing, to succeed with the pregnancy towards the end of the year. With the monthly savings rate, we are currently managing to save an additional 30-35k annually without having to go without much. The €2,000, rather €2,500, monthly burden plus incidental costs are planned with a child in mind. These are apartments with a value between 350-500k depending on the apartment. Not small ones, due to greater effort. All are rented out long-term. All new builds. The oldest is 5 years old. Rental default or vacancy does not worry me. We are in Cologne or the outskirts of Cologne. Demand is high and my rents are reasonable. I don’t have to squeeze out the last penny; I prefer tenants who are solvent and pay on time, etc. The investments currently yield a surplus of about €700 per month. Repayment between 2.5-3%. The surplus is more than enough to cover the non-recoverable costs. As I said, my equity has gone over the years into the purchase of the investments as well as partly into special repayments, since I have used one of them myself...

I would do it immediately