Is house construction feasible on this scale?

Hello,

my girlfriend and I are currently planning for a home of our own.

I am male, 28 years old (net income 2800€)
She is 24 years old (net income 2,000€)

Children are planned but not for about 4-5 years

The whole thing is supposed to take place about 40km from Munich.

Now the question of feasibility arises, since the prices are not really low :)

We already have a plot of land worth about 200,000 €. (However, an existing building must still be demolished and the land developed)

The architect has now created a plan for us with a living area of 180m² + double garage
(2 full floors + attic, although the attic is not to be converted initially, no basement).

According to the architect, the total price for the house should be around 450,000 €
(Demolition, incidental construction costs, development, outdoor facilities, kitchen, and furnishings not included)

We have about 70,000 € of equity available. (+ about 20,000€ in reserve)

The financing amount would

Of course, it always depends on the individual, how frugal etc. one is, but roughly speaking.
Easily doable, rather tight, very tight or in your opinion, suicide? :)

I am grateful for any opinion, thank you very much!

380k financing with 4,800€ net should be manageable. Do you live rent-free or are you already used to higher expenses?

The financing amount would be important initially. I think, based on the above description, it will be 450,000 euros.

That would result in a monthly burden of about 1,800 euros + additional costs. So 2,200 euros. With a net income of 4,800, 2,600 would remain.

You can manage with that, but it is already tight, especially if children are planned.

I think building a house is definitely possible. The architect's cost estimate should be adequate!

According to the architect, the 450,000 € already include a terrace and a partially finished attic (which should not be finished yet), so according to the architect, about 30,000 € can be deducted from the above-mentioned amount. The architect also continuously supervises the construction, so he said that we should definitely reach this amount. (Provided we obviously do not have any particularly extravagant wishes) :)

Currently paying 800.00 € warm rent and can save about 1,500-2,000 together on the side.

If your house costs also include additional construction costs, demolition costs, development costs, outdoor facilities and kitchen, furnishings, then your equity will not be sufficient and your financing amount will be over 450k. Personally, that would be too much for me, especially since you don't have children yet and money will surely be tight. I would rather build smaller and omit the double garage.

Best regards Sabine

According to the architect, the €450,000 already include a terrace and an attic that is developed to some extent (however, this attic is not yet to be developed), therefore, according to the architect, you could deduct about €30,000 from the aforementioned amount..

Better plan it as a buffer, because you will need it.