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

Hello everyone,

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

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

The thing is, I am only just beginning to read up on all the house stuff and would like to get in touch with people who know more about it.
Now the question is what we can actually afford.

I had a first online appointment with a "Check24" advisor and he said the sum I am thinking of is possible.

The plot costs €75,000, already developed – What else actually comes on top of that?
With my advisor, we 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 prefab house).

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

How much ancillary costs do I have to reckon with? Is €35,000 realistic?

Well, as a guideline, I am already including our daughter who will come in October.

General information 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 a 3rd sometime
[*]What do you do professionally? Psychiatric skilled nurse
[*]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 do you get? €500 + €250 state parental allowance (Thanks Mr. Söder)
[*]Other transfer payments like parental allowance, sickness benefit, 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 (including supplementary health insurance, daily sickness allowance, etc.) - maybe €20 a month
[*]Liability insurance (including pets) €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 (e.g. travel insurance, burial insurance)

Living costs:

[*]Groceries €400
[*]Eating out €100
[*]Care/drugstore €70 (count in diapers) ^^
[*]Clothing €100
[*]Daycare/school fees (and meal money) - our little one will go to daycare from September - only meal costs of €30 arise
[*]Club memberships/gym: €70
[*]Toys - spontaneously
[*]TV/video/audio/CDs/DVDs - €8 Amazon Prime, Netflix €8, Sky €30, PSN €5
[*]Tickets (football, cinema, concerts, etc...)
[*]Donations - €10
[*]Other -

Savings contributions:

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

Other expenses:

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

Income and expense totals:

[*]Total income approx. €4000 will be more when my wife eventually works marginally. Currently, our kids are priority number 1
[*]Total expenses approx. €2000 (warm rent + fixed costs + hobbies)

Otherwise, money is saved and spent "here and there". I spend some money for my parental leave (2 months paternity leave) and otherwise we live quite well. My hobby is computers and stuff. I have everything in the latest state, but sometimes 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 ancillary costs for something like this?

Best regards

€35,000 ancillary costs seem a bit tight to me, but it also depends on what you include in that.
You can calculate the ancillary costs of the land purchase quite precisely for your federal state. The notary was about 2% for us. It varies between 1.5-2.5%.

Otherwise, the following costs arise:
- utility connections (electricity, water, gas?, telecom?, fiber optic?, multi-utility house entry?)
- site plans
- construction notification / building permit
- chimney sweep?
- construction water
- construction electricity
- insurances (builder liability insurance, construction all-risk insurance, fire shell construction, etc.)
- possibly connections for dirty and rainwater
- surveying costs
- possibly KFW advisor (if you are building a KFW house)

Also to consider:
- garden
- paving work
- painting work
- moving
- new furniture
- new kitchen

The challenges we ran into (similar amount of equity):
- Kitchens are often excluded by the banks. You can finance them, but then you have another installment to pay with only 1.5 salaries. Not so good. Kitchens easily cost €13,000-20,000.
- We initially completely ignored the garden because we didn't want to borrow more money; that will have to wait, initially there will be a lot of lawn with us.
- Painting work can be done yourself, but even on parental leave it's not easy. How do you keep a baby busy on a construction site for several hours? We're currently struggling with that and are considering hiring a professional painter after all. Such work varies in price. I think it's realistic to expect five-figure costs. Either you have a reliable babysitter/grandparent, or doing it yourself will be harder than you think.

Hello everyone,

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

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

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

I had a first online appointment with a "Check24" advisor and he said the amount I have in mind is possible.

The plot costs 75,000 € already developed - what actually comes on top of that?
With my advisor, we talked about 390,000 €. So, I estimate 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 costs do I have to expect? Are 35,000 € realistic?

Now the guideline, I already count our daughter who's coming in October in.

General about you:

[*]Who are you? Father, mother, son, daughter
[*]How old are you? 30, 27, 2, 0
[*]Are there children? 2
[*]Are more kids planned? maybe someday number 3
[*]What do you do for a living? Psychiatric nurse specialist
[*]Are you employed, self-employed, retired, housewife, househusband etc...? Employed 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, sickness benefit, etc...? -
[*]How much equity do you have? approx. 25,000 €
[*]How much of that equity do you want to put into the housing 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 (including supplemental insurance, daily sickness allowance etc.) - maybe 20 € per month
[*]Liability insurance (including 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 € (count diapers too) ^^
[*]Clothing 100 €
[*]Daycare/school fees (and meal money) - our little one starts daycare in September - only meal costs of 30 € arise
[*]Club fees/gym: 70 €
[*]Toys - spontaneously
[*]TV/video/audio/CDs/DVD - 8 € Amazon Prime, Netflix 8 €, Sky 30 €, PSN 5 €
[*]Tickets (football, cinema, concerts etc...)
[*]Donations - 10 €
[*]Other -

Savings:

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

Other expenses:

[*]Alimony? -
[*]Loans? -
[*]Other? -
[*]Was something forgotten? Then please mention it here at the latest!

Income and expense totals:

[*]Total income approx. 4000€ will increase when my wife starts working marginally someday. Currently our kids are priority number 1
[*]Total expenses approx. 2000 € (warm rent+fixed costs+hobbies)

Otherwise, money is saved and spent "here and there". I spend a bit of money for my parental leave (2 months of paternity leave) and otherwise we live quite well. My hobby is computers and such. I have everything up to date on the latest, but now and then I treat myself to something.

So, summarized:

Can we afford it? That would be about 1100 € credit repayment per month.
Do you get a satisfactory house for that?
What are the additional costs for something like this?

Regards