House realistic with this income and additional costs?

Good evening dear forum members,

my wife and I are considering building a house. But before we get caught up in anything, I wanted to hear your opinion on whether it is even realistically feasible.

A brief overview of our situation:

I am 36 years old and managing director/partner of an optician business, my wife is 32 years old and currently on parental leave (until August 2017). Our daughter is 7 months old. Our family planning is not yet complete; time will tell more precisely :D. After her parental leave, my wife will work part-time at her old company again.

Our current situation:

My net income: 3900.00€
My wife is employed by me with a mini-job: 300.00€
Parental allowance: 522.00€
Child benefit: 190.00€

Total income: 4912.00€

The parental allowance will end in 08/2017, but then my wife’s part-time income will come in. My 13th month salary is not included.

Our current equity amounts to 45000.00€

Our monthly expenses amount to:

Rent including utilities: 740.00€
Electricity: 115.00€
Insurance (incl. my private health insurance): 676.00€
Groceries (household book over the last 12 months): 600.00€
Birthday presents for family/friends: 75.00€
Vacation: 125.00€
Clothing: 150.00€
Telephone/mobile: 130.00€
Miscellaneous: 300.00€

Total expenses: 2911.00€

Difference income minus expenses: 2000.00€

The plot of land is already available (685 sqm). Gift from my parents. Our car including all costs runs through the company.

We are currently thinking of a solid house of about 130 sqm plus usable basement. Whether garage or carport is not yet decided.

Is a loan of 300k feasible, or is it even possible to realize our house wish at this price? Before we get lost in anything, we just wanted to hear your opinions here. If I have forgotten anything, please just let me know. After all this data, it can happen that I forgot something.

Have a nice evening and Franconian greetings
Rocka66

Hello, I think as a shareholder your house bank is the first point of contact. Your wife is employed by you?

Good morning HilfeHilfe,

no, my wife is not employed by me. Only with the Minijob.
I already contacted my house bank yesterday, but banks often only tell you what is theoretically feasible and not always what makes sense. That is why I have posted my concern here again.
I just read the email response from my bank advisor, which she sent to me yesterday evening at the business. Since we might want to build KFW 55, the offer currently looks as follows:

100k via Kfw interest component still unknown, based on current status 0.75% p.a.
Annuity with a 15-year term = approx. €600.00 Interest fixed for 10 years

Savings bank loan of 200k including 10% special repayment right p.a. = 1.15% p.a. 10 years interest fixed
Annuity with a term of approx. 20 years = €825.00

Is it at all sensible to build Kfw 55 or better? Because of savings and similar or is it only good for the "green conscience"?

Franconian greetings
Rocka66

Since you live in Bavaria, in my opinion KfW55 is currently the best option for you. The additional effort is relatively manageable and through the 10,000 Houses Program, if the criteria are met, you will receive an additional €4,500 energy efficiency bonus on top of the KfW repayment grant (5% of the loan amount) (for a 3L house, which you almost automatically achieve with KfW55) and a technology bonus, which is €2,000 for a heat pump, for example, or can be up to €8,000 for a photovoltaic system. In addition, starting in April, KfW will cover half of the construction supervision costs of the required energy consultant.

As an additional bonus, you also get the low interest rates from the KfW loan and lower consumption costs. I think that nicely offsets the manageable additional costs for KfW55.

You should also consider offering yourself 15 years at the current interest rate. Also, make inquiries with the usual brokers.

@ HilfeHilfe:
I'll still do that. It is also the bank's first offer. I just wanted to feel out here whether a monthly rate of €1400-1500 is reasonably manageable (given our cost/income situation), or if my wife and I are just fooling ourselves. That happens now and then;)

I also wanted to hear if a house with about 130sqm for a total price including all incidental costs of about €325k-335k is feasible.