Is our house construction project realistic?

Hello everyone,

we have only been dealing with the topic of house construction for a few days. For the last 1 1/2 years, we were looking for an existing property because we were afraid of the construction and the supposedly higher costs associated with it. Now we have "given up" and want to build (have built) ourselves after all.

Therefore, I actually have two questions:

- Is financing fundamentally possible or reasonable?
- Is the calculated amount somewhat realistic?

Here is some information about the planned house:

At the beginning of our house search, we visited and almost bought a single-family house in which we immediately felt at home. Therefore, if financially possible, we would like to (more or less) rebuild this house 1:1.

It was a single-family house with just under 160 sqm of living space, about 20 sqm of usable area, on a slab foundation. However, the house has a (in my opinion) quite complicated shed roof construction and a large gallery. I could imagine these two parameters as major cost drivers. I still have the photos and floor plans of the house from a large real estate portal, but I think it would not be legally advisable to upload them. Possibly, I could provide the files via PM or email...

For the described house in solid construction, we are currently planning about 290,000 in construction costs including all ancillary costs (turnkey). On top of that, we have looked at a pretty flat, 800 sqm plot of land, which we could buy for about 50,000 euros (excluding ancillary costs). Therefore, we expect a total volume of about 350,000 euros (as mentioned, without garage and basement). Ideally, the construction should be carried out with a general contractor, in rural Rhineland-Palatinate.

Now to the financial side. My partner (34) and I (31) have lived quite well in recent years and therefore have not accumulated much equity ;-). Currently, our situation is as follows:

Equity: 40,000
His income: 2,800 euros net (employee / 13 monthly salaries)
Her income: 2,300 euros net (employee / 12.5 monthly salaries)

My salary already excludes the company car including fuel etc. Our second car is paid off, and we currently have no liabilities.

I also receive fairly reliable bonuses of about 3,000 euros net per year, but these are not taken into account.

With our rather conservative house bank, with which we discussed the planned house purchase, I always had the impression that they would provide us with a maximum of 240,000 euros. But since it is now a significantly higher amount and I read this morning about the changes as of 21.03., I am getting a bit nervous about our planning.

What do you think about the whole project?

Thank you very much in advance for your help!

Hello first of all and welcome to the house building forum.

Just write the parameters of the real estate portal (may be named) here, under which you can find the house.

The house was unfortunately sold over a year ago, so the page can no longer be accessed with the means known to me :(.
At that time, it had the ID 78703686 on ImmobilienScout24...
Best regards!

I correct myself, with the "WayBack Machine", the usual link structure of Immobilienscout, and the above-mentioned ID, one can at least still see the floor plan...

To get straight to the point (more competent people aka construction experts will break it down in more detail):

1) With the equity, it would probably be a 100% financing. Equity is used up for ancillary costs -> not particularly good interest rates

2) According to your description: elaborate shed roof, 160 sqm + 20 sqm usable area, large gallery... 350k could almost be gone for the house alone, without ancillary costs, without land, without furnishings, without basement, ..

3) Given your salary (under the described conditions) and a reasonable lifestyle, I actually see no problem financing the amount you mentioned. However, the mentioned house will probably not be feasible.

Thanks for the feedback!

1) That is (unfortunately) clear to me...

2) And I have already feared that too :(

3) That reassures me a little!

By the way, the mentioned house (built in 98, in perfect condition) was listed by the seller back then for 210,000 euros including 1000sqm of land. People were literally flocking to it... ;)