Purchase of a terraced house - I need your advice

Hello dear house building forum. Here I am again.

I had already started 2 threads. One about what I can afford and another about how much a terraced house costs. Thanks again for your answers.

Now 2 years have passed and I have a concrete offer.

It is a KFW 55 mid-terraced house in Münster Gremmendorf. More precisely on Gremmendorfer Weg. Very close to the horse paddock. Absolutely beautiful location.
This mid-terraced house is offered turnkey. We applied for the terraced houses because they were marketed according to city regulations. We have now received an approval and can't really decide and ask you for advice.

Below are the individual prices and what is included:

Included in the price: development, house connection costs (electricity, water, telephone, district heating), solid construction, triple glazing (ground floor with fittings resistance class RC-2), carport, painting, tiling and flooring work (strip parquet), underfloor heating........

2 full floors with a total of 129.00 sqm living space. No basement.
Heated with district heating. Everything according to Kfw 55 standard.
The house is approx. 6.50 m x 12.00 m.

Plot: 269 sqm x 284 € = 76,394.00 €
Construction costs turnkey with 129 sqm living space: 255,000 €
Total costs plot and construction costs: 331,896 €
Plus notary and real estate transfer tax with 8.00% = 26,551.68 €
Total turnkey costs: 358,447.68 €

Own work is possible.
Painting work: 7,000.00 €
Flooring work: 5,000.00 €
Garden terrace approx. 20 sqm: 1,400 €
Total own work: 13,400 €
Total costs minus own work: 343,975.68 €

Financing:
Equity = 70,000 €
KFW 153 = 100,000 € (20 years fixed interest at 1.50% for 30 years. monthly annuity 354.00, remaining after 20 years = 32,838.00)
NRW = 108,000 € (20 years fixed interest at 1.00%, monthly 180.00 €, remaining = 84,099 €)
NRW-Starter = 10,000 € (5 years fixed interest at 1.00% monthly 50.00 €, remaining = 7,500.00 €)
Bank = 70,500 € (25 years fixed interest at 2.12% monthly 305 € until the end)

Monthly loan burden: approx. 900.00 €
Additional costs: ??? (could someone tell me what we have to expect for 3 people)

My current salary: 2,200.00 € net
Child benefit: 190 €
Total income: 2,390.00 € net

I understand that I will have a residual debt after 20-25 years. But we find it hard to live in a 4-room apartment for rent, as the costs in Münster (in a good location) are now easily over 900 € cold rent. So at least we invest in a (secure) capital investment and can still sell it after 20 years. Münster is growing and getting more expensive. The demand for housing is greater than the supply.

Therefore, I would like to ask you for advice: Would you buy it?

Regards

How much do you pay for cold/warm rent and how much do you save on average per month additionally?

I don’t think it currently works with the income.
If I calculate our expenses without the mortgage payment, without vacation, without reserves for replacement purchases (e.g. car/furniture), without reserves for the house, I am still at around €2000 costs.

If you calculate backwards at your place: €2390 minus €900 mortgage payment minus €300 additional costs minus reserves for the house, then there are barely €1000 left for insurance, clothing, groceries, telephone, car, vacation etc.

There will certainly be additional costs on top of the purchase price, e.g. for outdoor facilities, extra charges during the selection process.

My advice: Don’t make yourself unhappy.

The additional costs naturally also depend on individual habits. We calculate all in, i.e. including internet, GEZ, insurances, electricity, water, garbage, etc., really everything, at about €400. However, I have to say that we currently spend about €100 on heating and hot water, others manage with around €50 here. BTW, we have about 135m² plus a cellar (with a heated hallway plus another room). Regarding income, I’m a bit pessimistic as well; does only one of you work?

Significantly too low a salary for this investment. Even with additional costs included, there is too little left for living expenses. It is so clear that you don’t even need to calculate it more precisely. Even if it sounds harsh: find something cheaper, this is not in your "salary league".

The value of Münster is constantly increasing and that is a sure thing: The current market conditions are priced in! Developers (and also the city) are not stupid. I don’t think it’s a sure thing. The last study I read predicted a not-so-rosy future for Münster, for example (yes, I know, there are studies for everything, but it shows that it is not a "sure" thing and there are definitely other opinions).

What would also be interesting is whether a bank has offered you this financing knowing how high your income is?

Immoscout shows me a nice townhouse in Münster with a lovely garden. 244000. Since I don't know the location, and I don't know where your [Umkreis] lies... However, in principle, with that income, you should keep your distance from a new build in terms of financial size.