House construction in planning - Your opinions please

Hello everyone,

My wife and I are planning to build a house. We are both in our mid/late 20s. I have a net income of about €1700 on average, she has about €1800+, depending on the month. ;) Current expenses amount to approximately €1600 per month. This includes rent of €600 warm, as well as groceries estimated at around €350, all insurances, and gas for both cars.

We are considering purchasing a fully developed plot of land of 500m2 for €40,000. A single-family house is to be built on it. Value approx. €160,000. We have generously set aside €30,000 for incidental construction costs, the equity we want to use amounts to about €25,000. Both cars are paid off, there are no other debts. Mathematically, it sounds feasible, but what do you think? How much does a child cost per month?

Greetings from Saxony. :)

Mathematically, it is feasible. Whether TEUR 160 for the house is sufficient is another matter.

do not underestimate the "cost" of children:
- loss of income for the partner staying at home and later possibly working part-time
- food, clothing, etc.
- toys
- family outings
- childcare (we paid over 400 EUR monthly for 35 hours and two children over 3 years old in kindergarten)
- school + costs at school (care costs, materials, class fund, excursions, etc.)
- clubs, etc.
- Christmas, birthday, Easter, etc.

Since my wife only works part-time, three small children (7/7/2) "cost" us well over 1,000 EUR per month (no full-time care at school or daycare).

Well, what does a child cost per month :) Difficult question!

You should find out what a nursery and daycare cost. Offset child benefits, possibly part-time employment of the woman, clothes, diapers, higher vacation costs, etc. etc.

A 200k financing should be feasible with the income. Whether a 160k house can be built in Saxony and what standard it would have, I can't tell you. There are plenty of experts here.

We already have an offer for the house itself. It is at 155000. For 130sqm. We don’t have many special requests. We want a standard single-family house without a basement. Included is a gas heating system with underfloor heating, a fireplace, and here and there a little extra... ;)

Here and there a few small things quickly make 160 into 200. And I speak from experience.

Since quite a bit has already been said about the house price, I would like to say something about my very personal favorite topic. ;)

Additional construction costs - with €30,000.00 they are not set generously. I recommend a figure that is €10,000.00 higher.

Or do you already have the evaluation of a soil report as well as the regulations for the supply and disposal lines including prices for all connections?