Is financing possible???

Hello, I would like to hear your opinion on whether I can afford to build a house or not and what monthly costs I will have. Here are the facts:

- Two full earners total: €3200 net
- Building savings contract: €95,000 ([Zuteilungsreif], half of the amount is already paid in)
- Equity: €55,000
- Building plot: €95,980
- Notary 1.5% + property transfer tax 3.5% + incidental costs: €4799
- Connection fees and costs: €12,500 (estimated)
- Excavation for basement: €18,000 (estimated)
- House price €217,660 WITHOUT [Kfw 70 Paket]
- House price €230,000 WITH [Kfw 70 Paket]

So total costs with [KFW70]: €361,279

Or without [KFW70]: €348,939

What do you think? I am completely uncertain whether it will work. The problem is simply that we want children and then I will no longer work full-time (currently €1600 net) but can definitely have a job with at least €400.

Thank you very much for your help

oh yes we are both 30 years old and have monthly fixed costs of 900€ together, but that really includes EVERYTHING, including heating, electricity, etc... Currently we live in a rental apartment with night storage heaters and an old building. Rent is 360 cold and about 500 warm. Don’t know if that is still relevant :) There are no ongoing loans or anything similar. We are absolutely debt-free.

Hello Christl.... my opinion? .....have fun building. I think you have calculated very generously and believe it can be done much cheaper. With some experience, you have a lot of saving potential, which you should use especially since you have planned for children. Good luck finding reliable partners.

Thank you, I hope you are right. However, I am still uncertain about the monthly costs that will come up for me :(

We would already have a reliable partner, therefore also the exact house price. What do the other users think? What do you think we will end up with as a monthly burden?

@ bauti where do you see potential for savings?

Hello

How big will your house be?

Let’s say you could cover the land with your own capital + building savings contract, then you would have about €270,000 to finance. Let’s say monthly payments of about €1200-1300.

€3600 income, possibly only €2400 (2000+400)
-€1300 payment -€1300
-€900 living expenses €900
----------------------------------------------------
€1400 €200

€900 is very little though. We have about €1200 + additional apartment costs about €300, so €1500.

Have you ever been to a bank?
I can only say as a total layperson and mom that it will be pretty tight if there are kids.

Best regards, Caro

Hi, thanks for the answer. So the house has 130m².

I also think that I am at the monthly rate you just mentioned :( and then it gets tight. But I think it could be doable. As I said, I'm not sure, so I want to get some opinions here.

I haven't been to a bank yet. But I will discuss everything with my building society advisor. Because I don't really know what subsidies there are besides the Kfw70 and where I might still be able to reduce the monthly payments...

The monthly rate of the building society contracts is €380. But after 12 years we would be done with them.