House construction financing: possible or too tight?

Hello,

we are planning to build a new house and wanted to get assessments regarding the budget and feasibility to see if we are realistic or if we need to scale down the project.

We currently live in our own home which has become too small and want to build new.
The current property is to be sold.

Income 1: 3800 Euro
Income 2: 1000 Euro
Children: 2

Ongoing car loan: 450 Euro
Standard living expenses: 2300 Euro
Other: 400 Euro

Possible installment: 1600 - 1800 Euro

Current property remaining loan: 180,000 Euro
Current property valuation: 430,000 Euro
Equity from property sale: 250,000 Euro
Liquid equity: 50,000 Euro

Currently planned:
Land: 200,000 Euro
House construction 580,000 Euro
Additional costs 85,000 Euro

Now to my question: how much budget can we still afford for the costs of the new build with our data? Is this realistic or is it too much?

We obviously have to bridge the 250,000 Euro until the sale.

Interest rate fixed for 10 years is planned as a property sale is expected in the next few years that will bring us 200,000 Euro.

Best regards

How old?
Where? (Or why the high value of the new building?)

Half a million is actually too much for your salary. How secure are the €200,000 from the 2nd house?

You need to be aware that you are selling 2 houses and still have to pay off about €300,000.

Both 35 years.

Value of the new building, as 200 sqm prefabricated house with extras.

the 200,000 is certain.

If I have calculated correctly, then you still have 565k credit left. I find that clearly too much for your income. Then it would really depend on how certain the 200k real estate proceeds are, because 365k is of course within the realm of possibility. Why is the old house worth so little and the new one so expensive? That doesn't really add up.

Hello,

because the old house is only 105sqm.
So the 200k are certainly there, just not sure when they will come.
Furthermore, an inheritance is also expected, so we assume we will be finished after 10 years.

Regards

Include inheritance, another real estate sale that is "certain" is difficult. Without these things everything falls apart, so the question is how certain certain really is in the end. But you can also simply plan smaller, for 4 people you don’t need "200sqm with extras", you can comfortably live in 140-160sqm.