Opinion on the possible upcoming project

Good morning community,
we are slowly moving in the direction of building a house. Next week, the construction committee will meet here and discuss public participation according to § 3 Baugesetzbuch and stuff like that.
We (me, 23, and my partner, 26), both civil servants with 4,000 EUR net (without my allowances), have been dealing with the topic for quite some time. The first talks with [BU] have already taken place. Meanwhile, however, one starts to have doubts regarding the amount to be financed.

Plot of land: approx. 100,000 EUR
House: 250,000 EUR
Additional costs: 50,000 EUR

That adds up to just under 400,000 EUR for our project. I have the additional costs from the plot of land (tax, notary, and co.) saved up. Additionally, around 15,000 EUR of equity is available. We couldn’t save much more because of the initial furnishing of the apartment (2014). We both also haven’t finished training long ago (became tenured civil servants this year).

My gut feeling regarding the build goes in two directions. 1. - We are both civil servants, debt-free, both young, it’s "THE" plot, we can finance the amount. 2. - This won’t work..

The first bank meeting went relatively well, but it was not yet concrete enough to receive an approval or rejection.

Since some of you may have more experience, I would be very grateful for honest and direct opinions about my concern. If I forgot any key data, sorry.. It’s very early ;-)

Thanks in advance!

4000 T€ after [PKV]? Do you have your dream plot? What about children - now or in 8 years?

Oops, no - after deductions it is 3,700 euros. And yes.. One has to say that the plot is pretty nice, especially since development here in the village doesn't happen very often.. Children are planned, but not in the next 5 years.. Thank you..

Just make sure that you can still manage with your salary progression and the upcoming cut. It's a 100% financing after all. Have you checked if your house really costs 250 K€, or is that just the advertised figure from the big contractor? I always believe that you should take the opportunity. You are also tied to the location - or positively: you have planning security.

Thank you for your honest opinion. The house would be built by a small construction company (family business and reviews among friends)... and actually costs 250,000 euros - including painting and flooring. We would also do some work ourselves...

Hope you mean reviews :D