Purchase of a turnkey house for a young family

Hello dear forum!!

First of all, big compliments to this nice and helpful community ;-)) I often read along here and find this platform extremely helpful.

Our situation:

We are planning to buy a turnkey semi-detached house next year. Purchase price: 238,000 EUR, living area 108m², plot size 412m², divided into 4 rooms, kitchen, BATHROOM, guest bathroom, hallway, utility room + carport and tool shed

All additional costs are included!

Alternatively, the following option is available:

Newly built detached house, purchase price 265,000 EUR, 5 rooms, 128m² living area, 341m² plot size + carport and shed, energy requirement 72kWh/(m²*a), including all additional costs and interior fittings (bathroom, heating, stove connection, partial underfloor heating, etc.)

now about us:

Young family (29, 26, 2, 1 year)

His income: 2700 EUR (career soldier, therefore steadily increasing due to promotions)
Her income: 600 EUR parental allowance
Child benefit: 384 EUR
TOTAL: 3684 EUR

My wife wants to start working again next year. However, due to the children, she will permanently work only part-time. This means an income of 500 Euros is expected.

Our monthly expenses:

Warm rent: 670 EUR
Car: 378.16 EUR (until January 2017)
Fitness both: 90 EUR
Savings contracts: 100 EUR
Daycare: 206 EUR
Daycare II: 206 EUR (from next year for the second child)
Internet/Phone: 29.99 EUR
GEZ: 18.00 EUR
Insurances: 114.00 EUR
Food, hygiene, gasoline: 900 EUR
TOTAL: 2712.15 EUR

That makes a monthly surplus of 971.85 EUR

We have 10,000 EUR in equity. Not much, but we moved out of our parents’ house early and accordingly had to buy everything ourselves/already early.

We can imagine a monthly rate of max 1100 EUR. Now it’s YOUR turn!! What do you think of our plans?? Is it manageable?

I don't believe either number (for both the semi-detached house and the detached house). Even with the "small" living area. Check whether all costs are really included. Because anything not specified in the building description is considered not purchased. Additional sockets? - Plan a buffer! Quality of sanitary facilities etc. - Plan a buffer! etc. etc. etc. Remember that you have to pay real estate transfer tax on the total house and land price. Are all incidental costs really included? - What about house connections? There will certainly be additional costs coming your way that are not included in the price, so definitely plan a buffer.

Now regarding the financial situation: You write that your wife will probably work part-time for 500€. So rather calculate with 100 euros less household income if part-time is planned. That leaves approximately 1,500 € including the current rent available. The incidental costs will certainly be higher than now. Think about the additional insurances that are necessary. What about reserves for the house/vacation/new purchases like a car/household items that can break down at times.

As long as you don't have reliable figures for the total costs of such a project, it is difficult to give a recommendation. However, I find the 1,100€ monthly installment in your case very uncertain, it will be tight. Better to estimate a bit less.