How much house/loan can I afford?

Hello everyone,

I am now almost 30 years old and have actually always been thinking about buying a house. Since I am fairly stable professionally and the interest rates are also favorable, I think to myself, if not now, then when? That’s how I came across this forum full of apparently competent builders.
I would like to get your assessment of whether this is financially feasible in my case or if I should rather give up the dream of owning a home for now.
My current situation is as follows:

I am currently single and want to finance the whole thing alone if possible. If a partner comes along, of course she can contribute to the costs, but if it breaks up again, I would like to avoid a forced sale.
At the moment I still live in a 57m² 2-room apartment that is slowly getting too small for me and I pay about €500 including utilities.

-monthly income about €2,300 net without Christmas bonus, expenses, etc.
important: costs for the car are already fully covered thanks to a company car, including fuel, insurance, etc.
-equity €50,000
-recently concluded building savings contract with a monthly deposit of €150

Land is relatively cheap in our area ([village in Saxony-Anhalt]). About 600m² fully developed in a new housing development costs around €25,000 here.

I don’t really need a large property. I imagine a bungalow-style house or
1.5 floors with 100 to 120m² of living space with 4 rooms, kitchen, bathroom, utility room. No basement. Plus a prefabricated garage.
I can only contribute very little work myself. I can still manage wallpapering, drilling holes, and laying laminate, but I lack experience and tools for everything else. The equipment should be decent though. So underfloor heating, a decent stylish bathroom, a proper heating system, etc.

Would it be possible to realize something like this with a loan of about €150,000 plus €50,000 equity?
And can I pay off this loan with about €600-700 monthly in a reasonable time?
How much ancillary costs (heating, electricity, water, waste, insurance, etc.) must one expect with a house like this? Am I right in estimating about €200-250 monthly?

Thank you in advance for your assessments and tips.
If you need to know anything, just ask

Best regards, Robstar85

As a single person, I would think carefully about that.

Most probably build with a partner who supports the whole thing (not only financially) and with regard to children.

I would simply see the risk for you that in two years a partner might come along who does not want to live where you built or how you built. Also, 100-120sqm would be rather on the lower end for a family of four - it's possible, but not the goal of a home.

600-700 EUR installment, 150k loan and "manageable time bites" in my opinion. Please also consider the high additional construction costs that still apply.

I agree with lastdrop's opinion. How about a "large" condominium? Why do you actually want to give her a house?

Morning...

Thanks already for your opinions.

I grew up in my parents' house (semi-detached house approx. 100m² living space) and have lived in this 2-room apartment for the last 13 years. Therefore, I am actually used to such living sizes and don't need more. I think even with a partner and a child, the size is OK for me. I also have to admit that I don’t want a big family myself. One child is enough. If it doesn't become a child, that's not a problem either.

In this area, there are many such houses of this size. Possibly, one could also leave open the option to convert the attic in order to expand the living space as needed. I will soon get some offers from local construction companies.

I somehow cannot get along with the idea of a condominium at all. I'm just tired of having to walk through a stairwell every day. I don’t want any neighbors right above, below, and beside me. Wall to wall. I definitely want a terrace, space for grilling, a small piece of lawn, the possibility to go directly into the garage to tinker with something, etc...
I would definitely prefer a small house with a terrace to a larger condo.

Regarding the loan.
By manageable time, I mean that I want to be free of rent preferably before retirement. And I probably still have to work at least 35 years.
According to the usual online loan calculators, it would be feasible to repay about 150K in roughly 20 - 25 years with 700€ monthly. Without factoring in special repayments or later increases in the repayment rate (if that is even possible?).

I just can't get along with condominiums at all. I'm simply tired of having to walk through a stairwell every day. I no longer want neighbors immediately above, below, and next to me. Wall to wall. I absolutely want a terrace, space for grilling, a small piece of lawn, the possibility to go directly into the garage to tinker with something, etc... I would definitely prefer a small house with a terrace over a larger condo.

I can absolutely understand this argument.
Fourteen years ago, I moved out of my parents' house and into a new 2.5-room condominium.
It’s quite an adjustment to suddenly not live in your own house anymore but “only” in your own apartment and have to take into account the various sensitivities of your co-residents.
Just the annual owners’ meeting became more and more absurd year after year and this year rather deserved the label “kidnap theater in kindergarten”... Resolutions are made that you, as an owner, have to go along with, even though with some of the content you’d rather shake your head for hours...
In this respect, I am really glad when we move into our house at the beginning of next year and are our own masters again.

We have financed a house including complete renovation for 200k with exactly this income, without equity (or only the incidental purchase costs from equity, which were only 5% of 139,000). We will definitely not have children and my husband is the sole earner. I have a tiny pension and child benefit for myself (both are now 37 years old). So it will work, it worked for us too. But I would rather look for a cheap used property than build new. Building is certainly almost twice as expensive.