New single-family house 150 sqm possible?

Hello everyone,
my husband and I are planning to build a house next year.
Now the only question for us is whether all of this is achievable for us.

General information about you:

[*
Who are you?
[LIST]
[*]Male and female


[*]How old are you?


[*]27 and 30


[*]Are there children?


[*]No


[*]Are children planned?


[*]Yes, 2


[*]What do you do professionally?


[*]Technical assistant and employee in public service


[*]Are you employed, self-employed, retired, housewife, househusband etc...?


[*]Employed


[*]How many hours do you work?


[*]40h and 39h

Income and asset situation:

[*
What income do you have (gross/net)?
[LIST]
[*]He: approx. €2,800.00 net, She: approx. €2,600.00 net


[*]How much child benefit do you get?


[*]-


[*]Other transfer payments such as parental allowance, sickness benefit, etc.?


[*]-


[*]How much equity do you have?


[*]approx. €320,000 including the plot of land


[*]How much of that equity do you want to invest in the house project?


[*]€200,000 in the house, €60,000 in the plot of land

Expense situation:
Expenses already included in other categories can of course be omitted. This list is not final and can be extended or summarized as desired. Please make sure to state all costs monthly, even if they occur only annually!

Housing costs:

[*
current cold rent
[LIST]
[*]€550.00


[*]current warm rent


[*]€700.00


[*]electricity


[*]€80.00


[*]gas


[*]included in the warm rent


[*]water, sewage, garbage fees, street cleaning


[*]included in the warm rent


[*]telephone, internet, mobile phone


[*]Internet: €40.00; Mobile phone: €90.00

Mobility costs:

[*
monthly ticket for bus and train (also for the children!)
[LIST]
[*]not applicable, because village


[*]car loan (or savings rate for a new car)


[*]€281.00 until 12/24


[*]insurance


[*]€1,500.00 for both vehicles/year


[*]taxes


[*]€250.00/year


[*]fuel


[*]€300.00


[*]repairs


[*]€100.00 set aside monthly


[*]other
[*]Is there a second car, motorcycle, scooter? Please list all points again!


[*]included in the prices

Insurance costs:

[*
private health insurance (also supplementary health insurance, daily sickness allowance etc.)
[LIST]
[*]paid by employer


[*]liability insurance (also pets)


[*]€68.00/year


[*]capital or risk life insurance


[*]-


[*]pension insurance (also Riester, Rürup, etc...)


[*]included in the salaries (runs through employer)


[*]disability insurance


[*]included in the gross salaries (runs through employer)


[*]accident insurance


[*]€30.00/month


[*]household contents insurance


[*]€14.00


[*]legal expenses insurance


[*]-


[*]other insurance (e.g. travel insurance, funeral insurance)


[*]-

Living expenses:

[*
groceries
[LIST]
[*]€500.00


[*]restaurant costs


[*]€50.00


[*]care/drugstore


[*]€20.00


[*]pets (food, vet, medication, stable costs)


[*]-


[*]medications


[*]€10.00


[*]clothing


[*]€200.00


[*]furniture


[*]€100.00


[*]daycare/school fees (and meal money)


[*]-


[*]tutoring


[*]-


[*]school supplies and books


[*]-


[*]club fees/gym


[*]€20.00


[*]babysitter


[*]-


[*]toys


[*]-


[*]cleaning


[*]-


[*]TV/video/audio/CDs/DVDs


[*]-


[*]tickets (football, cinema, concerts etc...)


[*]-


[*]donations


[*]-


[*]other


[*]-

Savings:

[*
vacation
[LIST]
[*]€100.00


[*]house


[*]€200.00


[*]retirement provision


[*]€200.00 (through gross salary)


[*]hobbies/gifts


[*]€80.00


[*]other


[*]-

Other expenses:

[*
maintenance payments?
[LIST]
[*]-


[*]loans?


[*]-


[*]other?


[*]-


[*]Was anything forgotten? Then please enter it here at the latest!

Total income and expenses:

[*
total income
[LIST]
[*]€5,400.00


[*]total expenses


[*]€3,267.00


[*]balance


[*]€2,133.00


[*]of which total cold rent and dispensable savings (e.g. savings rate for house)


[*]€3,033.00

General information about the property:

[*
How big is the plot?
[LIST]
[*]approx. 713 sqm


[*]What is the land value?


[*]€87/sqm


[*]new building, old building (year built), house type?


[*]new building


[*]garages?


[*]garage and carport


[*]how big is the house? (living space / usable area)


[*]dream would be 150 sqm, smaller is of course also possible


[*]

Construction or purchase costs:

[*
plot costs
[LIST]
[*]€62,031.00


[*]development costs


[*]included in the plot costs


[*]additional acquisition costs (notary, court, real estate transfer tax, broker)


[*]approx. €5,000.00


[*]construction or purchase costs (incl. architect, structural engineer)


[*]€450,000.00


[*]additional construction costs (e.g. house connections, soil expert, construction power etc.)


[*]approx. €8,000.00


[*]external facilities/terrace, paths, garden design, fences etc...


[*]€20,000.00?


[*]total costs


[*]€545,031.00

Other costs:

[*
kitchen costs
[LIST]
[*]approx. €20,000.00


[*]furniture, lamps, decoration


[*]approx. €15,000.00


[*]other "non-acquisition, acquisition-related, construction or additional construction costs"


[*]-

Cost summary:

[*
total costs
[LIST]
[*]€580,000.00


[*]deductible equity


[*]€260,000.00


[*]financing amount


[*]€320,000.00

Do you think something is possible here?

After the two net salaries and 2 planned children, I thought: oh dear, this will be tight.

But when I saw that you already own over 300k including the property, I thought: Just do it.. With such a small financing amount (just under 300k), nothing can really go wrong. You are still young and can pay off for a long time.

So: Just do it...

Thank you for your assessment. How long is the financing currently for? More like 20 or 30 years? I definitely want to avoid the children having to pay for it at some point.

Thanks for your assessment. How long is currently being financed? More like 20 or 30 years?

First of all, I agree with the financial assessment of . However, I would include a buffer because I believe you have calculated the costs rather tightly.

But now to the question. It depends.

The normal case – except in the extreme low-interest phase – is a term (not fixed interest period!) of 30-40 years within the agreed repayment plan. You can shorten this through special repayments. But a general answer would be wrong, as every financing is individual. It depends on the age of the clients, family situation/planning, future expectations (salary), etc.

I definitely want to avoid that the children have to pay for it at some point.

What exactly does that mean? Do you want to be sure that the children do not inherit any debts if you die at 40, or is it acceptable if the children still have an outstanding debt of €50k at your death at 80 (which in 50 years might correspond to the equivalent value of a high-quality e-bike)?

Sure, you can look out for the children. But first of all, it’s about your life and not the situation in 50 years. For that, you have to decide for yourself what exactly your goals are.

Sorry, I'm not smart enough right now to understand how citing works :-D

A buffer are still deposits and two building savings contracts, which will not be touched for the time being..

I haven't really thought about that yet, but I would like to be "debt-free" as soon as possible so that no one else has to pay off our debts at some point. Whether the money will be worth so little in the next 40 years, you can't really say..

I hadn't really thought about it that way yet, but I would like to be "debt-free" as soon as possible so that no one else has to pay off our debts someday. Whether the money will be worth so little in the next 40 years, you really can't say..

Please always remember – because most homebuyers/builders only see the debts – that besides a few debts, you also have assets = a single-family house on the asset side. No matter what happens, no one has to inherit and pay off your debts. You always bequeath a net asset.

Whether the money will be worth so little in the next 40 years, you really can't say..

However little it will be exactly, it will definitely be worth significantly less than today.