So, once again in detail: You can't build with €1500 net. Whether you already own the land or not.
€250,000 for 140 sqm, probably with a basement, won't work.
The condominium belongs to who, exactly? So it doesn't belong to you? Or soon? Why do you need more money for that?
Regarding the gift. You have a tax exemption allowance of €200,000 here. But your mother/father and their siblings could become a problem. Because in the event of inheritance, they are entitled to a compulsory portion. If the inheritance turns out to be smaller, claims could be made against you since you received a gift that might partly belong to your grandparents' children.
It's not as straightforward as one might think.
I am dependent on rental income. Without rent, I could pay for about 3 years.
In the event of my grandparents’ death, my compulsory portion would be so high that I could pay off the house with it. The only downside is if my grandfather lives to be over 100 years old.
Should the worst case happen, of course, I would receive support from my family. So the project won't completely ruin me. If necessary, I'll have to sell the house.
I also don't want to rush into something completely blindly that I have no knowledge of. That's why I'm going through everything step-by-step that I have to take care of before I even start building.
Land: Still has to be transferred to me.
Bank: €250,000 at €1000 per month - done.
House construction: Plan is finalized, companies are finalized, costs are finalized.
Garden, sewer connection, terrace, garden: Plan is finalized, companies are finalized, costs are finalized.
Rent: How high should I set it?
Insurances: Fire protection, elemental insurance, legal protection insurance - tenancy law - all still needed.
Taxes: How much will I have to pay from the rent? I don’t know yet either.
I am aware that I still have a long way to go. That’s why I consciously said I will start building at the earliest in 2014.
I would be very grateful if you could help me with the missing information.
Regards :)