What can we afford? Young family homeownership. (Bavaria)

Hello guys,

we are a young family (father 30, mom 27, son 2 and daughter is on the way ).

We live in the Allgäu in a village. And a new development area is being built... The plots are distributed by the municipality.
They want young families with children and so we have very good chances.

The thing is, that I am just starting to read into all the house stuff and would like to have contact with people who know better about it.
Now the question is what we can actually afford.

I had a first online appointment with a "Check24" consultant and he said that the amount I imagine is possible.

The plot costs 75,000 € already developed - What else actually comes on top?
My consultant and I talked about 390,000 €. So I calculate about 280,000 € for the house (yes there would be some compromises, probably without a basement and a prefabricated house).

Plot 75,000 €
House 280,000 €
"Total" - 355,000 €

How much additional cost do I actually have to reckon with? Are 35,000 € realistic?

Well the guideline, I already count our daughter, who comes in October.

General about you:

[*]Who are you? Father, mother, son, daughter
[*]How old are you? 30, 27, 2, 0
[*]Are there children? 2
[*]Are children planned? maybe sometime no. 3
[*]What do you do professionally? Psychiatric nurse specialist
[*]Are you employed, self-employed, retired, housewife, househusband etc...? Employees in the public service
[*]How many hours do you work? 38.5 father - wife currently not - maternity leave

Income and asset situation:

[*]What income do you have (gross/net)? Father earns 2900 € net - wife on maternity leave will get very little now - 370 €.
[*]How much child benefit is there? 500 € + 250 € state parental allowance (thanks Mr. Söder)
[*]Other transfer payments like parental allowance, sick pay, etc...? -
[*]How much equity do you have? approx. 25,000 €
[*]How much equity do you want to put into the house project? Just under 400,000 €

Housing costs:

[*]current warm rent 800€
[*]electricity 80€
[*]phone, internet, mobile approx. 120 €

Mobility costs:

[*]insurance 40€
[*]taxes 10€
[*]fuel 100€
[*]repairs - I can't give an average. Not much
[*]Is there a second car, motorcycle, scooter? we have 2 cars

Insurance costs:

[*]Private health insurance (also supplementary health insurance, daily sickness allowance etc.) - maybe 20 € per month
[*]Liability insurance (also animals) 70 € per year
[*]Pension insurance: no private, have a small company pension insurance
[*]Accident insurance -
[*]Household insurance -
[*]Legal protection insurance - 10 € per month
[*]Other insurances (such as travel insurance, funeral insurance)

Living costs:

[*]Groceries 400€
[*]Restaurant costs 100€
[*]Care/drugstore 70 € (including diapers) ^^
[*]Clothing 100 €
[*]Daycare/school fees (and meal money) - our little one starts daycare in September - only meal costs of 30 € arise
[*]Club fees/fitness studio: 70 €
[*]Toys - spontaneous
[*]TV/video/audio/CDs/DVDs - 8 € Amazon Prime, Netflix 8 €, Sky 30 €. PSN 5 €
[*]Tickets (football, cinema, concerts etc...)
[*]Donations - 10 €
[*]Other -

Savings:

[*]Vacation
[*]House : we have 3 home savings contracts and that is where our equity comes from
[*]Retirement provision: The house should be the retirement provision ^^
[*]Hobbies/gifts
[*]Other

Other expenses:

[*]Maintenance payments? -
[*]Loans? -
[*]Other? -
[*]Was something forgotten? Then please specify here at the latest!

Income and expense totals:

[*]Total income approx. 4000€ will be more if my wife works minor employment sometime. Currently our kids are number 1
[*]Total expenses approx. 2000 € (warm rent + fixed costs + hobbies)

Otherwise money is saved and spent "here and there". I spend some money on my paternity leave (2 months paternity leave) and otherwise we live quite well. My hobby is computers and co. I have everything up to date, but every now and then I treat myself to something.

So in summary:

Can we afford it? that would be about 1100 € monthly loan repayment.
Can you get a satisfactory house for that?
What are the additional costs with something like that?

Best regards

500 € child benefit??? How come?

First of all: Brave of you to ask this here. Expect to have the numbers and your life thrown at you. Whether you can afford a repayment of 1,100 is something you have to decide yourself - for that, keep an unflinchingly honest household budget over a longer period (or look at the bank statements from the last one or two years) and calculate how much you really spend. My experience: you end up forgetting quite a lot. Regarding additional costs: of course, it depends on how big the house is supposed to be. Prefabricated houses are generally more expensive than solid houses, just by the way. You should best deal with that topic separately and very intensively. Do you already know if the plots will be subject to a building obligation? Otherwise, it would of course be an option to first only buy the plot and wait to build until your wife goes back to work - that would certainly ease the financial situation. Overall: Personally, (permanently) an income of 4,000 would be too little for me to repay 1,100 (how high would the repayment actually be with this rate?). Nevertheless, it is possible, but certainly associated with limitations. For a temporary period, you can do that (it will be the case for us as well), but in the long run - rather no (for me personally). Of course, your wife will go back to work, but the state childcare allowance ends after two years, she will probably not work full-time? Also try to calculate as well as possible for the next five to ten years, what does the income situation look like then?

Without going into further detail now, you will certainly not get a house for €280,000. And a prefab house is not necessarily cheap - on the contrary. You also have not planned for things like the kitchen, garden, etc. With equity of only €25,000, you can at most cover the kitchen and the ancillary purchase costs for the land. This makes the financing more expensive again.

You should also post the plot of land you want to apply for. Additional costs often arise here due to difficult earth or foundation work (sloping site/lower-lying plot), etc.

And please: do not conclude a construction loan with check24. Either go to a broker or for the initial consultation also feel free to go to your house bank.

I have a question about the equity?
25,000 available, of which you want to put 400,000 into the construction project?

It will be tight; you calculate 2,000 euros per square meter of living space.
+ additional construction costs + outdoor facilities + land + carport/garage minus own contribution

See if you can manage with the constraints. No basement, no garage, little frills, and rather small. How much discipline do you have?
Talk to various bank advisors.

Are the 25000 in the [Bausparer] pure credit? Or is that the total [Bausparsumme]?