Household Income vs Construction Costs

Hello,

I have a financing meeting at the bank on Friday and have the following financial situation:

Household income: 5150 € (including child benefits for 2 children)

Construction project: Land: 75000€
House planning: 360000€
Additional costs: 40000€ (notary, taxes, etc. are already paid) 10,000 buffer

Approximately 70,000€ own capital is available and I want to contribute 30,000€ in personal labor.

An initial financing offer for 1550 € per month is available.
Is it manageable to cover this amount with a monthly income of 5150 €? What do you think?

Only you can know that because only you know your expenses. It would work perfectly for me, even more is possible.

We are similar. It suits us well. Whether it suits you depends on your other obligations and spending behavior.

That should fit.

Additional costs + own contribution = €70,000, approximately 20% of your house construction price. But if you really want the house ready to move in with kitchen, lighting, and finished outdoor facilities, you are more likely at 30% additional costs. (From current experience)

So after deducting the installment, you still have 3600 euros left, which is probably more than the majority of normal families earn. You know your expenses and should know what you can afford, that's more than enough for a "normal" family.

Best regards
Sabine