Meaningful financial planning?

Hello dear forum,

I have been reading along for a while and would like to get your advice on my planned project and financing, whether it seems reasonable from an outside perspective or if I am overlooking something?

[*]How old are you? 36 years
[*]Do you have children? 1 child, does not live with me, no further planned.
[*]What is your occupation? Key Account, employee, 80% basis
[*]How many hours do you work? 32.5 h
[*]What income do you have (gross/net)? 2650 € net
[*]How much child benefit do you receive? no child benefit.
[*]How much equity do you have? 150,000 €
[*]How much of that equity do you want to invest in the house project? about 130,000 €, reserves for emergencies.

Land is available worth about 310,000 €.
Current monthly rent 850 € warm (rental properties in the area are scarce, rents rising)
Car available, normal lifestyle, savings rate about 700 € per month.

My planned budget:

House including ancillary costs approx. 360,000 €
consisting of approx. 300,000 € house, ancillary costs including demolition costs land 60,000 €
Loan amount 230,000 € of which 100,000 € are planned via KFW with repayment subsidy (40 or 40+)

Thanks in advance for any feedback or questions.

Additional costs are too low with the demolition. Better take 80k there. Otherwise, everything should be fine. I would take an annuity loan over 20 years + the KFW grant. That means 250k need to be financed. The repayment will correspond to slightly less than the current rent + additional costs/reserves. So 1200-1300€.

Thank you very much for your response!

hello very good equity but too little income for the loan amount

I don't see it that way. It is doable with a long fixed interest rate and you have to be aware that you will live frugally. You have to really think it over deeply and sleep on it for a few nights. Small problems are not as easy to cope with as for other people here with higher salaries. Still doable

I assume the income refers to one person. How else could you accumulate this equity with the rent and an income like that?