Is financing possible? Calculations can drive one insane

Hello everyone,

I would like to once again ask for your help and would appreciate your assessment regarding a possible financing.

Here are the key data:

We have a plot of land (350 m²) in sight for 140,000.

On it, we would like to build the following house:

- Semi-detached house with 140-150 m²
- Basement would be desirable
- Garage
- Kfw 70
- Medium standard
- (slight hillside location)

Without much prior knowledge, I would estimate the costs at maybe 230,000? Would that be realistic? Or too low?

Existing ground floor: 30,000

Moving costs ~20,000

There is also a home savings contract of 60,000, which, however, has only been saved with 5,000 so far. I suspect I can't do much with this and could dissolve it.

With these details, I would come to about 400,000 EUR for the entire project. Does this amount sound realistic? That would mean financing 370,000. So it would be almost a full financing.

About us: Currently we have a joint net income of 4100 EUR. Children are planned after building the house. If my wife stays at home during that time, we would still have 3200 EUR net income (without parental allowance or child benefit).

Is this construction project manageable?

I thank you in advance for your efforts.

Best regards,

Sebastian

I hardly believe that will work.

Per m² of house you can calculate with approximately €1500, so €210-225K (a semi-detached house might be somewhat cheaper)
Basement between €30 and 50K
Garage €10-15K
Additional construction costs approx. €30-35K
+ possible additional costs due to slope location
+ costs for painter and flooring €10K
+ costs for outdoor facilities €10-15K

With €20K moving costs, not much of your equity remains, so that sounds more like a 110% financing.

What do your moving costs include? No shipping company costs that much....:confused:

Hello everyone,

thank you for the answers so far.

Ok, so neither the costs are realistically estimated, nor will we be able to manage financing with the given conditions?
Somehow I find it surprising that you have to pay so much for a "simple" house. :-(

For the moving costs, we have also included, for example, new furniture, a new kitchen, or similar.

Best regards,

Sebastian