Is financing for an architect-designed house possible without KfW?

Hello,

we have considered the following financing:

2 people, 30 years old, without children but 2 planned, monthly income €5700 plus bonuses
€50k equity plus €66k interest-free private loan

City center plot 960m2 for €330 per m2 ~ €345k
An architect-designed house, no KFW, 180m2 + double garage, brick-built ~ €366k

€595k to finance, monthly loan burden €2300 with an interest rate of about 2.3%
+ the private loan for the first 10 years

What do you think of the project, is the plot price reasonable, also considering that an increase in value compared to a normal new development is expected?
Is the house calculated too cheaply?

Is this doable or should one rather wait and save equity or hope for a smaller plot?

How long is the interest rate secured? Remaining debt? How is the income distributed? Forget the thought of acquiring a great bargain with guaranteed value appreciation. If that turns out to be the case afterwards, wonderful, but don't let yourself be pressured because of it. With 100k more equity, the whole thing would probably be more comfortable, but the numbers as of today ... I find it okay, but it shouldn't be more than that. As always, the big question about the children and the loss of income. What does the household budget look like?

Hello,

I consider the monthly burden too high even despite bonuses. That is almost 50% of the income. How is the private loan arranged? Later gift, clauses? If something is ever terminated here,...

Planning 2 children also means costs & loss of income. That is by far not offset by a tax saving. Especially when daycare and kindergarten are upcoming, it costs a lot. Later then the more expensive vacation.

Good luck

Distribution is man 3150 and woman 2550. We plan with 2.3% interest fixed for 25 years or 20 years then 1.75%. If the interest rises to 8% after 20 years, both offers are basically the same.

Parental leave is also calculably feasible and if necessary, the repayment of private loans can be suspended. Private loans are eventually, at an unforeseeable time, inheritance.

An income increase of 4% annually is also to be expected.

One could also first buy the plot of land at 1.5% interest and build in 1-2 years. But whether the rising construction costs might not eat up the accumulated equity.

Are the costs for the house realistic?

An architect's house not KfW 180m2 + double garage built with bricks. ~366k

No way! We have just planned an architect's house with ~230sqm and a double garage. 520k is the total so far. Additionally, there are about 100k ancillary construction costs. That is certainly well above average. But 366k is not feasible. Especially the ratio between land and house should also fit :) However, our plot was somewhat cheaper at ~310k :p

Distribution is Man 3150 and Woman 2550.
We are planning with 2.3% fixed interest for 25 years or 1.75% for 20 years.
If the interest rises to 8% after 20 years, both offers are basically the same.

So, you have financing offers on hand?

Parental leave is also calculationally feasible and if necessary, repayment of private loans can be suspended.
Private loans will eventually, at an unforeseeable time, become inheritance.

An annual income increase of 4% is also to be expected.

Are the 2,300 purely loans or also private loans? So the private loan must be repaid. What does “calculationally feasible” mean? Will there be part-time work afterwards? Note that there is less net income then. Why 4%? Civil servants? Aren’t 4% too high?

Are there any siblings who might want to call in the loan in case of inheritance?

One could also first buy the land at 1.5% interest and build in 1-2 years. But whether the rising construction costs might eventually eat up the accumulated equity.

Are the costs for the house realistic?

A building expert needs to assess that.