How do you finance the million-dollar house? (BW, passive house, 140+50 m2)

500-700m² - there is no specific plot of land.

Then, in my opinion, any further calculation is pointless. Not least because only the gods know how far its price will be from what you hope to manage with. And of course, because the exact extent of the slope is still unknown.

[*
Income and expense totals:
5350€ total income
[LIST]
[*]Child benefit not considered, used for the children
[*]-1020€ housing expenses (of which 720€ cold rent)
[*]-942€ total other expenses
[*]=3388€ balance
[*]+600€ rental income from the ground floor apartment in the new building

[LIST

I don't quite understand this. There are three of us, we have an income of about 6,100 € net (without child benefit), 550 € rent (70 sqm) and we arrive at a balance of 2,500 €. We have no loans. How do you get to 942 € when:
- clothing
- groceries
- clubs/trips
- cars including fuel
- insurances
- etc.
need to be financed. Even with 2x child benefit that's about 1,400 € for 4 people. That seems very, very low to me.

Thank you for the many responses in such a short time! Very lively here :)


I may have expressed myself poorly: We are not aiming for a 700m² plot. Unfortunately, we probably only have a chance with larger plots...
Thanks for the hint about the repayment subsidy. My mistake in form. We will have to borrow the entire amount from the bank.


Regarding the calculation of expenses. Sure, we have not yet included 2 kindergarten places, the children's hobbies, special expenses, gifts, and a broken washing machine. However, the figures are quite detailed and solid. Those who regularly shop, buy a lot of drugstore items and clothes come up with different amounts. We do not belong to that group.
I realize that costs will also increase significantly with the children's age, and the child benefit will no longer suffice here. I am confident that this will be more than compensated by bonuses.

Construction costs
I am especially grateful for the hints regarding the costs of building the house. What can be built with 488k€ in my example? Or, put differently, what not? A friend who is an architect said he calculates with 2400€/m². Unfortunately, I don’t know if the incidental construction costs were included. It was definitely excluding garage (+20k) / outdoor facilities (+45k). Here, 2500€/m² was mentioned. To me, 488k still seems rather tight.

He also said that with timber frame construction and a general contractor, it might be possible to push it down a bit more. But that was before the wood price issue!

We are not aiming for a 700m² plot. Unfortunately, we probably only have a chance to get in with larger plots...

I would be interested in the (presumably original) reasoning behind this assumption.

He also said that with timber frame construction and a general contractor, it might still be possible to push the price down a bit.

In any case, with a passive house – actually from KfW40 upwards – you are definitely in the right place with wood rather than with masonry.

quite simple, old plots are usually larger in size. We are well integrated and the plots being discussed are simply larger.

Have you ever talked to your bank about the financial framework? Are they on board with it?

For comparison:
- We have a higher net income than you
- Only 1 child
- Significantly more equity

> max. we would have gotten around 650-700k from our house bank (if the property fits)
> definitely not with 1% repayment (other banks would have done that but with a significant interest surcharge)
> how frugally you live often doesn't matter to the bank, as they usually apply flat rates for living expenses

- We also live in a region that is already more expensive, but still far from Stuttgart. Here we are quickly at 500€/m2 for the land.