Penthouse in Cullera – Self-employed income and a pension in one calculation
A self-employed management consultant from Hamburg and her husband, a retired bank clerk, were looking for a place that offers both peace and good links to Valencia. The property was to be used year-round and offer enough room for regular family visits.
In short
What was this case about?
A self-employed management consultant from Hamburg and her husband, a retired bank clerk, were looking for a place that offers both peace and good links to Valencia. The property was to be used year-round and offer enough room for regular family visits.
Why is Cullera interesting for owner-occupiers?
Cullera combines long sandy beaches, good infrastructure, a direct rail connection to Valencia and a year-round lively city life.
Can terrace modernisation be financed together?
As a rule the Spanish bank does not co-finance modernisation — it belongs in the overall plan: equity or raising capital against German property.
Who arranged this?
Perini Finance & Property — German-speaking, operating under the §34i GewO licence held by Olga Nikushkina, Portugal through a locally licensed intermediary; 15 to 20 banks approached per case. First call free; on completion 1 % of the loan amount.
€654,000 penthouse, €425,100 loan, €344,900 equity
- Purchase price: 654.000 €
- Renovation: 37.500 €
- Financing required: 425.100 €
- Equity: 344.900 €
Anonymised case figure · not a binding statement for other projects · §34i GewO
Living between a nature park, beach and city
Cullera lies just around 40 kilometres south of Valencia and combines long sandy beaches with an established town structure. Unlike pure holiday resorts, Cullera offers year-round infrastructure with shops, medical care, a rail connection and a lively city centre. For many German-speaking buyers, the city is therefore an attractive place to live in Spain permanently.
This practical case shows how buying a penthouse for owner-occupation can be financed durably and soundly.
A consultant and a banker look for a penthouse near Valencia
A self-employed management consultant from Hamburg and her husband, a retired bank clerk, were looking for a place that offers both peace and good links to Valencia. The property was to be used year-round and offer enough room for regular family visits.
After an intensive search they chose a penthouse in a modern residential complex with a generous terrace and a view of the Mediterranean. The proximity to the beach, the good access to the city centre and the low-barrier access were particularly convincing.
€770,000 total investment including fees and works
- Purchase price: 654.000 €
- Additional costs: 78.500 €
- Renovation: 37.500 €
- Total investment: 770.000 €
- Equity: 344.900 €
- Financing required: 425.100 €
Sale proceeds and a portfolio, not all of it goes into the flat
The buyers had liquid funds from the sale of their previous property and a well-diversified securities portfolio. Even so, not all of their assets were to flow into the purchase, so they would still have sufficient financial reserves in future.
Before moving in, several individual adaptations were provided for.
Good condition; kitchen, bath and a new roof terrace planned
The penthouse was in very good condition. The planned measures mainly served to improve living comfort.
Planned were a new designer kitchen with extended work surfaces, the modernisation of the main bathroom, zone-controlled air conditioning, custom-made fitted wardrobes and the redesign of the roof terrace with a high-quality pergola and wind-protected seating areas for year-round use.
As all measures were calculated in detail before the contract was concluded, they could be fully included in the total investment.
65% financed, the portfolio stays in place
The financing was set at around 65 % of the purchase price. This kept a considerable part of the assets, while at the same time creating a balanced and durable financing structure.
Alongside the purchase price, all acquisition costs and all planned modernisation measures were included in the overall plan from the outset — covered from equity, not by the bank loan. Later additional financing was therefore not required.
A home for year-round living, assets stay flexible
Once the work was completed, a high-quality residence was created that offers optimal conditions both for the remaining working years and for later retirement.
The buyers were able to prepare their move to Spain gradually while preserving their financial flexibility.
Cullera as an alternative, renovation costed realistically
Cullera offers an interesting alternative to the well-known metropolises on the Spanish Mediterranean coast. The combination of beach, nature and good infrastructure makes the city especially attractive for owner-occupiers.
Anyone who realistically calculates all modernisation already at the purchase creates a reliable basis for the later move.
Frequently asked
Why is Cullera interesting for owner-occupiers?
Can terrace modernisation be financed together?
Why is financing used despite sufficient assets?
Which properties are especially in demand in Cullera?
Cullera: penthouse financing within easy reach of Valencia
Cullera combines Mediterranean quality of life with excellent infrastructure and short distances to Valencia. An overall plan that budgets the purchase price, additional costs and all planned modernisation together from the start — the bank loan for the purchase price, additional costs and modernisation from equity — creates the basis for a long-term secure centre of life on the Costa de Valencia.
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Two generations realise their dream together
A similar situation in Spain? Let's talk.
Every financing in Spanien is an individual case. In a free initial consultation I will tell you honestly what is feasible and which bank fits.
Book a free consultationAnonymised individual case, not a binding statement for other projects · Brokerage under the §34i GewO licence held by Olga Nikushkina (D-W-132-ZUCB-95); Siegfried Perini registered as directly involved person (§11a GewO) · no tax or legal advice · no financing commitment; conditions depend on creditworthiness, loan-to-value and bank