Is a home construction project realistic?

Hello guys,

My girlfriend (26) and I (30) want to build our own home. I wanted to ask here if you think it is realistic.

Key data about us:
She 26 years, permanent contract, public service, income €1,500 net
I 30 years, permanent contract, public service, income €2,500 net

Both have a 13th salary (95%), but we do not count on it.

Our income will definitely increase in the next few years:
Key data for 2018:
I €3,000 net
She €1,700 net (however, desire to have children in 2018 has to be taken into account)

So summarized as of today:
Income: €4,000
Equity: €30,000
Plot of land available: €20,000

Our current expenses are as follows:
Car 1 installment (until Feb 2018) €280
Car 2 installment (until Feb 2020) €170
Gasoline

It really depends heavily on the type of house... where are you building? 20 K€ for a plot of land sounds very small and very rural.

2 couples in the circle of friends have already had the experience that the banks were little interested because they each had 2 financed cars to deal with. The income is certainly below yours, but overall the limit set by the bank was so low that no property could be financed. You have money tied up that would already mean (almost) half a monthly house payment.

Sent accidentally too early.. Here is the complete text again:

Hello people,

my girlfriend (26) and I (30) want to build our own home. I wanted to ask here if you think it is realistic.

Key data about us:
She 26 years old, permanent contract, public service, income €1,500 net
I 30 years old, permanent contract, public service, income €2,500 net

Both 13th salary (95%), but we are not counting on that.

Our income is guaranteed to increase in the next years:
Key data for 2018:
Me €3,000 net
Her €1,700 net (however, desire to have children in 2018 to be taken into account)

So summarized as of today:
Income: €4,000
Equity: €30,000
Land available: €20,000

Our current expense situation is as follows:
Car installment 1 (until Feb 2018) €280
Car installment 2 (until Feb 2020) €170
Gasoline €350
Car insurance €140
Car taxes €40
Depreciation calculation cars €150

Phone €70
Dog (food, vet expenses etc. calculated) €100
Insurance (liability, occupational disability) €80
Other €70

Groceries €400
Leisure €400

Rent as well as electricity, water, gas etc. currently do not apply to us.

Thus we currently have monthly expenses of about €2,300. Monthly surplus €1,700.

Our building project is supposed to look as follows:
Single-family house without basement including ancillary building costs, 160 sqm, land available (see above) €270,000
For kitchen, outdoor facilities, carport etc. we calculate about €30,000.
So a total of €300,000

Do you think our building project is realistic? Will we get financing? Have we overlooked anything?

We look forward to your answers!

Thanks!

P.S. The land comes from the family. The plot is 1100 sqm in size. The lower price results from the fact that the front area has a standard land value of about €30/sqm and the rear only 0.40 cents/sqm.

Why don't you go to the bank and ask for financing??? You will then get an answer, as well as the amount X. The statements here are not binding.....

My recommendation: Wait another 3 years and save. - then there will be 36x1700 EUR more equity. - Auto 1 payment will disappear (and should not be replaced by a new payment) - Family planning continues