House construction / house purchase planned, evaluation of financing plan

Good morning everyone,

I have been a silent reader on the forum for some time and have now just registered.
I would like to hear your opinion about our plan.
First of all, I have to say that I have only had the relatively high salary for a few months and therefore have not been able to save anything yet. (Before the - justified - questions come up as to why there is no equity)
A home savings contract was unfortunately terminated in 2017 because I needed the money for my training, so currently there is no savings account except for a preliminary contract (and there is only "pocket money" on it).

General information about you:

[*]Who are you? I am a civil servant, she is a geriatric nurse
[*]How old are you? M32, F28
[*]Do you have children? Yes, one (5 years old, but I am not the biological father)
[*]Are more children planned? None
[*]What do you do professionally? see above
[*]Are you employed, self-employed, retired, housewife, househusband etc...? Civil servant for the state of NRW and employee at a church care service
[*]How many hours do you work? I full-time, she 75%

Income and asset situation:

[*]What income do you have (gross/net)? I net approx. €4400 p.m., she approx. €1300 p.m.
[*]How much child benefit do you get? €219
[*]Other transfer payments like parental allowance, sickness benefit, etc...? Child support slightly over €300 p.m.
[*]How much equity do you have? None
[*]How much equity do you want to invest in the house project? ----

Expense situation:
Expenses already included in other positions can of course be omitted. This list is not exhaustive and can be expanded or summarized as desired. Please make sure to state all costs monthly, even if they only occur annually!

Housing costs:

[*]Current cold rent €900
[*]Current warm rent €1200
[*]Electricity €120
[*]Gas included in additional costs
[*]Water, sewage, garbage fees, street cleaning included in additional costs
[*]Phone, internet, mobile phone €100

Mobility costs:

[*]Monthly ticket for bus and train (also for the kids!) --
[*]Car loan (or saving rate for a new car) Car subscription just under €300 p.m.
[*]Insurance €63 p.m. (for her car, mine is insured through the above rate)
[*]Taxes €8 p.m.
[*]Fuel €250 p.m.
[*]Repairs €80 p.m.
[*]Miscellaneous --
[*]Is there a second car, motorcycle, scooter? Please list all points again! My costs are covered by the car subscription, only refers to her car

Insurance costs:

[*]Private health insurance (including additional health insurance, daily sickness allowance etc.) €480 p.m. (incl. DU)
[*]Liability insurance, household contents, legal protection €60 p.m.
[*]Disability insurance (see above)

Living expenses:

[*]Groceries, drugstore €400 p.m.
[*]Restaurant costs €100 p.m.
[*]Clothing €200 p.m.
[*]Furniture n/a
[*]Daycare/School fees (and meal money) €50 p.m.
[*]Club fees/Fitness studio
[*]Toys €30 p.m.
[*]Miscellaneous (Netflix and co) €20 p.m.

Savings:

[*]Vacation
[*]House
[*]Retirement provision
[*]Hobbies/Gifts
[*]Miscellaneous

Other expenses:

[*]Maintenance payments?
[*]Loans?
[*]Miscellaneous?
[*]Was anything forgotten? Then please add it here at the latest!

Income and expense totals:

[*]Total income €5700 salary plus child benefit and maintenance = €6230 p.m.
[*]Total expenses according to the above list around €3500 p.m., realistically I assume about €4000 p.m.
[*]Balance approx. €2200 - 2500
[*]Of which cold rent and dispensable savings (e.g. saving rate for house) approx. €3000 - 3200

General information about the property:

[*]There is nothing here yet because we are still at the beginning of our planning. We live in the Rhineland where the sqm of land costs around €200-250. New terraced houses were sold here last summer for about €280,000 - 330,000 (turnkey, plus painter and flooring, plus optional garage). Something along those lines would be sufficient for us. We calculate total costs of €380,000 ready to move in plus €30,000 additional costs (as the sale is direct from the provider). Currently, however, the market is absolutely dead, there are zero point zero usable offers.

We could and will save about €2000 per month from now on. Currently prices are unfortunately rising again, so my idea is that it might be possible to buy without equity.
As a civil servant and geriatric nurse, we have very secure jobs and a comparatively good income. Would a 110% financing even be feasible? I was thinking of a monthly repayment of €1800 plus additional costs of €400. This would still leave us with enough money to live on.
If we saved equity for 5 years, it is very likely that prices will have risen again by then; in addition, we will have spent €50,000 on cold rent by then. Can the interest advantage really be so good that it is worth not saving much equity? Of course, we are very aware of the higher risk, and that is not up for discussion.

First of all, I have to say that I have only had the relatively high salary for a few months and therefore have not been able to save anything yet.

That you haven't been earning that well for long may be true, but the fact that nothing has been saved so far gives me something to think about. I myself saved money even as a student, although of course those were smaller amounts. Against this background, I consider your expense calculation rather optimistic ... or did you previously have 3000 EUR less?

That you haven't been earning this well for long may be true, but that *nothing* has been saved so far still gives me pause. I myself saved money even as a student, although of course those were smaller amounts. Against this background, I consider your expense calculation to be rather optimistic ... or did you have €3000 less before?

Unfortunately, yes... it was around €1,600 net during the apprenticeship. In addition, there was a car loan that had to be paid off, etc... Therefore, nothing has been saved so far. I have already generously rounded up the amounts above.

Well, since there is currently nothing, you can definitely still save a bit. With €3000/month, you already have €36,000 in one year. If something suitable comes up, I wouldn’t hesitate in your place. We finance significantly more credit with significantly less income, so that’s definitely doable. Civil servant status was well regarded by the bank, but whether 110 percent is possible then, I don’t know. Is that a professorship you have there? Even with A15, you don’t get to €4400 net as a civil servant :-0

Hi, your income looks good, so there should be quite a bit possible. I would somehow try to save up some equity so that at least the additional costs can be paid from it. Maybe there is support somewhere. The main problem is probably finding a suitable property. And you don't always have to want everything, a terraced house and such is enough. With one child, 100 - 120 m² should be sufficient. Regards Olli

Even with A15 you don't get 4400€ net as a civil servant

Really? That's all there is? But later there's a really good pension, something "normal" employees can only dream of. And an absolutely secure job. Olli