Is the construction project for a single-family house realistic?

The granny flat will be occupied by my mother, so these incomes are quite certain.

if that really works out well... I tend to doubt it... Just consider that your mother will be very actively involved in shaping the granny flat - and will want to assert her will in your house. What about rent increases...

Costs: €230,000 house, €38,000 land, €30,000 additional costs = €298,000

What is included in the "house" item?
You can easily calculate: price increases after specification: €10,000, other small items during construction phase: €2,000, kitchen: €8,000 - €16,000; Generally: houses ALWAYS become more expensive than planned!

Land: fully developed or not?

What about garden design, access path, garage, parking spaces, trash bin enclosure, awning? All of this together certainly adds up to €20,000. (2x parking spaces about €3,000; awning from specialist dealer about €2,000 - €3,000)

We calculated it as follows:
Income: €3,600 incl. 2 salaries, child benefit, rent
We now naively assume that we have to cover €1,100 plus €300 additional costs monthly. According to our calculation it would be feasible but we want to approach this matter quite realistically. What do you think?

For how many years is the interest rate fixed? It is to be expected that interest rates won’t be as good in 10 years...

What do you do if one salary (long-term) disappears? Even a pregnancy and therefore "only" one salary would already be a big challenge for you?! Then simultaneously let the car break down.

You should carefully calculate these extremes... Another thought: Is it possible that your mother could advance the rent to you interest-free for the next 5 years... That would significantly improve your equity situation!

Best regards

Thank you for the answers.

It is so that the granny flat is occupied by my mother, therefore this income is quite certain.

Hi!

After many years in construction funding, I can assure you that the exact opposite is the case. A tenancy without familial or emotional connection is already problematic enough.

Regards,
TomTom.

Thanks for the answers.

Es ist so das die Einliegerwohnung von meiner Mutter bezogen wird, therefore these incomes are quite secure.

We calculated it like this:

Income: €3600 including 2 salaries, child benefits, rent

Costs: €230,000 house, €38,000 land, €30,000 incidental costs = €298,000

We are now naively assuming that we have to cover €1,100 per month plus €300 incidental costs.

According to our calculation it would be feasible, but we want to approach this matter quite realistically. What is your opinion?

Thank you.

That's exactly where I stopped reading. Answer No ;)

This is exactly where I stopped reading. Answer no ;)

Hello,

A "no" without explanation is somewhat difficult for me to understand. Does it refer to equity, tenants, net income, etc.? I would appreciate it if you could explain this to me in more detail.

Thank you.

Sorry, that wasn't entirely serious regarding the mother. The installment is more expensive than 1100 and there are no reserves. I would save up equity first.