Is a building savings contract still worthwhile or not?

Hello home builders,

I am new here and have to say first that this forum is very informative and I really like the tone here! :)
That's also why I decided to register here, even though I am usually more of a silent reader. ;)

I have a question about the home savings contract due to the current situation in the financial market...

Is it still worthwhile to take out a home savings contract right now?

I am considering possibly buying a used property in the short term or building a new house in 1 to 2 years on a plot of land that is already available.

Budget for new build: approx. 220,000 euros
Budget for used house: approx. 150,000 euros
Current equity: 40,000 euros + land
Desired monthly burden: approx. 1000 euros
Offered home savings contract from LBS, which I recently took out but then revoked shortly before the withdrawal period expired:
Rate U6+
Savings target min. 50,000 euros,
Min. savings amount 40%,
1% closing fee,
0.1% interest on credit balance,
effective loan interest rate 2.28.
If more data is desired, just ask me.

The question I have been asking myself for days is "How do I finance a possible house purchase or a new build most cheaply?" :(

The bank advisor from Sparkasse said I would not do anything wrong if I now took out a home savings contract for 75,000 euros, into which I would pay 500 euros monthly. The property would then be financed through a bridge loan, the home savings contract, and a bank loan. The so-called 1/3 financing.

Thanks already for the answers.

Best regards
Birdie

And for those who are interested...
I am 30 years old and in a relationship. The current situation in my girlfriend's apartment leaves much to be desired. We are being disturbed from early morning until evening by our “nice” roommates, who are four people (2 adults, 2 children) living in a 2-room apartment of about 50sqm! The children, who should actually have contact with other children (e.g. kindergarten), are kept in the apartment 24 hours a day. The blinds on the windows are basically always closed. We are not inhumane and very child-friendly. But due to the running and jumping of the children in the thin-walled apartment, it is simply unbearable to live under this family.
We are both employed and want to, for example, cook comfortably in the evening and then watch a movie without being constantly disturbed from above! :/
It is also not possible for us to sleep longer on weekends because the running, shouting, and crying start at 7 a.m....
Not 2 minutes go by without hearing something from above...
Multiple conversations with the parents and contact with the landlord have not helped.

So, sorry for this long ramble. I just had to “vent” :D

Because of this situation, we want to move out. However, I do not want to or no longer want to rent for long. My lifelong dream has always been to have my own four walls!
Sorry for the long message but my head is so full. :(
I will keep it shorter in the future ;)

I would tend to think that a building savings contract is currently not worthwhile, but this can only be assessed if you have a complete financing plan and corresponding comparison offers (without a building savings contract) in front of you.

Why do you want to tie yourself to 2 properties that need to be financed at the same time? What are you planning to do with the second one? That is not quite clear. Your motivation to buy the used property is wrong. You are buying because you desperately want to get out of the apartment. But in the near future, you want to build. Then I would rather consider moving to another cheap rental apartment or already tackle the topic of new construction now. But I do not consider the detour via the used property to be smart. A used property also requires a lot of work. I don’t know if you then have the time and motivation for new construction. I would go either one or the other. But not both.

I had read it more as either I buy a used house in the short term or I build new in 1-2 years.

If you really want to build in 1-2 years, the building savings contract will probably not be ready for allocation by then, so it won't do you any good (except maybe that when it is fully funded, you can repay the other loan), and during the financing period you will have double expenses for the building savings contract and the financing of the property.

Thank you very much for the answers! :-) (and sorry for the late reply - was on vacation)

I had read it more as either I buy a used house in the short term or I build new in 1-2 years.

Yes, correct. I could imagine buying a used property in the short term OR building new in 1-2 years ;)

I still couldn't make up my mind on vacation whether taking out a building savings contract with LBS is worth it for me :(

If you feel uncomfortable with the matter, it's probably the better choice not to take out a building savings contract for now.

The question is, where then to put the employer's capital-forming benefits? My boss is waiting for a new account number for the transfer :/ ..... In equity funds? ..... In a VWL savings account? ..... Or still a building savings contract?

Best regards and thanks to everyone participating in the topic ;)