Land purchase and house construction too risky in the current situation?

Hello,

currently, with the income (both working) everything is quite relaxed.

regarding the costs, I can imagine that it might be a bit more.
because at 2600€/sqm price, quite a lot of own work is likely to be involved.
Basement for 40,000€? I had an offer in 2019 for 76,000€ (ok, white bathtub, with underfloor heating etc. 90sqm)
how about additional construction costs? Just the earthworks in 2020 cost us 25,000€ (and that was without a basement!)

I can only recommend planning more precisely here, and if necessary already getting offers now to see whether they are close to the plan, or if there are big deviations (some builders then had 100% deviation in some positions during construction compared to what was calculated in the planning)

In case of doubt, omit the basement. Keep in mind that with 3600€ + bonuses until the start of construction (assumed 2 years), you could save an additional 86k. These can be used to cover risks or directly afterwards as a special repayment. Especially at the beginning, they have a very big effect.

Yes, so without going into the financing, the calculation looks a bit too cautious to me. Where the QM price in the market is between 600 and 1000 EUR, the construction costs tend to be higher as well. Therefore, I would rather calculate with 3000/sqm.

I also never believe in basements. Sure, depending on the level of finish, but even as a utility basement, rather double that. Without considering special extras.

Incidental construction costs? I didn't see any at all. I would calculate 10%. With a basement (earthworks/removal was already mentioned), anyway.

Garage, sure from my side, but we also had carports here that cost more.

More information would be needed, but at first glance, a recalculation is necessary and then it will be a tight squeeze.

Good income, very good equity
I would do it

Do the garage and kitchen later when it can be foreseen if money is left over (just my opinion)

Although the building plot is probably a once-in-a-lifetime opportunity, the feasibility in the current situation unsettles us extremely and we would appreciate your assessment.

We have been wavering for days between "seizing the unique chance for an affordable building plot in the village" ...

I agree with my predecessors and, in your place, I would take the chance and buy the plot first. If the construction costs do not decrease significantly by the time of the building obligation, you could still save something here and there (cellar?). And even if, in the worst case, you later wanted to give the plot back, the financial loss from returning it, given your economic situation --> now comes my very subjective opinion, would still be more bearable than regretting this chance later, especially when your two children are there.*

Welcome to the forum, :) please keep us updated.

*Edit: I write this also because you are already living in a terraced house and not in an apartment, without children. With children, you will wish for a bigger house.