Your assessment - justified "fear of life"?

Hello everyone,
we are currently planning to possibly buy a plot of land directly from the municipality and have a house built on it by a developer.
The plot has 440m². The price is €190 per m² (developed).
The price for the planned bungalow is €246,500 completely finished (except for painting work. Terrace, driveway, and path to the house are paved), through a very reputable developer (they have built numerous houses here and already three in the family).
However, we plan to reduce the originally planned 118m² living area to 100-105m².
Now, a bit about us:
My husband and I are 27+26 years old (together for 9 years, married for almost two years), with a dog, do not want children, and both work permanent jobs in “relatively” secure positions.
We earn a net total of €4,200 (plus Christmas and vacation bonuses) and have €25,000 in equity.
I would simply like to hear your assessment.
We have already been to two banks, which of course told us that we can manage this.
I would simply like to hear your assessment.
The crux is simply that we want ownership as soon as possible; the real estate situation here in our village is miserable (for the lottery of the plots, there were over 200 applicants for 40 plots).
Used or condominium apartments only consist of the worst junk on Immo-Scout, otherwise everything is sold under the table.
We trust ourselves with the project but suffer from the “typical” life anxiety if one loses their job, etc.

Best regards and thanks in advance!

Hello and welcome,

so you need about 330k-350k as a loan?

That should be manageable with your income. Should children unexpectedly come (I don’t know your current reasons), the financial as well as spatial situation could of course become more difficult.

You are both young, so you have time to repay. At your age, my wife and I were neither on this level in terms of real estate nor salary.

A question about the sqm number. Why was it reduced by 13 sqm?

How certain is the (non-) desire for children. Many women "tick" differently from age 30 onward. ;) Just as a side note... And no, a man can’t control that :p Unless both snap snap off

At €190/m² I come to €83,600 for the plot of land.
With the bungalow price, that makes it pretty much exactly 330k.

However, the additional purchase costs of the plot, as well as a lot of other costs (incidental construction costs and what you have already mentioned) are still missing.
For that, I’m now adding €50k.

Minus €25k equity, that leaves approximately €355k loan volume.
At 5% annuity per year, that would be a rate of €1,480/month.

On top of that, there are still all the operating costs for the home, which would probably ultimately bring you to about €1,900–2,000.

Without knowing you, I could imagine that it might work since you don’t want children. However, I find it quite steep.

All of this is, of course, very general and rough calculations, but I think it illustrates quite well where the journey would lead.

We earn a net total of €4200 (plus Christmas and holiday bonuses) and have €25,000 in equity.

What did the two banks tell you regarding the monthly burden?

At 5% annuity/year that would be a rate of €1,480/month.
But then there are all the operating costs for the homeowner, so you would probably end up at around €1,900-2,000.

net €4200

So, relaxed would be something else in relation to the calculation from

: How much do you put aside monthly, or how high is your rent at the moment?

Hello,

first of all, children probably won’t come into the picture, as neither of us tends in that direction. Additionally, it is still not easy for two men to have children even today...

The banks mentioned a monthly rate of about €1300.

We believe that downsizing to about 100 square meters makes sense both financially and in terms of utility.

We have now calculated additional costs to be a burden of about €1600-1700...

The current rent including utilities is €705.
According to our budget planning, we could afford up to €1900 per month. However, this also includes €200 per month for vacation and savings for the cars.

The banks spoke of a monthly rate of about €1300.

What does your rough cost breakdown look like? The original post only provides the price for the bungalow. But there are still additional costs like incidental purchase costs, painting, non-tiled floors?, garage?, kitchen, etc.

It's not really clear. Or rather, are both of you clear on what the project will cost at the end of the day?