Employed but location-independent: €969,500 for a house in Llucmajor
A family from Hamburg had initially got to know Mallorca purely as a holiday destination. With the option of working mainly from home, however, their plans changed. Instead of flying to the island several times a year, the wish arose to move permanently to Mallorca and spend everyday life there.
How is a house in Llucmajor financed when both parents work remotely?
The Spanish bank financed €969,500, around 70 percent of the €1,385,000 purchase price. The additional costs and a considerable share of equity came from own funds, and the €115,000 for solar power, pool cover and home offices was included from the start. A long-term household plan tested the income against several future scenarios, and a safety reserve stayed in place.
€1,385,000 house, €969,500 loan, €710,550 equity
- Purchase price: 1,385,000 €
- Financing required: 969,500 €
- Equity: 710,550 €
Anonymised case figure · not a binding statement for other projects · §34i GewO
A holiday destination became the new centre of life
After an intensive search, the decision fell on a modern detached house in Llucmajor. Decisive factors were the good connection to Palma, the proximity to the airport and the comparatively quiet residential location.
A family with two children, both parents working remotely: The two buyers were 39 and 41 years old and worked in senior positions at an international software company. Both could carry out their work permanently regardless of location.
As the family with two children wanted to live on Mallorca year-round, living quality and everyday practicality were the priority. The house had four bedrooms, a garden and enough space for two separate studies.
€1,680,050 in total, €115,000 for solar and home offices
The total investment of 1,680,050 € includes 115,000 € for photovoltaics, pool cover and home-office fit-out. Equity was 710,550 €, the financing required 969,500 €, around 70 % of the purchase price.
Purchase price: 1,385,000 €; Additional costs: 180,050 €; Renovation (photovoltaics, pool cover, home-office fit-out): 115,000 €; Total investment: 1,680,050 €; Equity: 710,550 €; Financing required: 969,500 €.
The financing share corresponded to around 70 % of the purchase price.
Two studies, fast internet, solar power with battery storage: Although the house was only a few years old, it was to be adapted to the needs of a family. Planned were a high-performance internet and network infrastructure, two fully equipped home-office areas, a photovoltaic system with battery storage as well as various energy improvements.
In addition, the financing had to remain permanently sustainable even if one parent's income were to change in the future.
Household budget tested against several future scenarios
Before the purchase, a long-term household plan was drawn up. This took into account not only today's income but also various future scenarios.
In addition, all planned investments were fully calculated and included in the total investment. As a result, it was already clear before the contract was signed what capital requirement would actually arise.
The buyers deliberately chose to keep part of their assets as a safety reserve.
70% through the bank, the safety reserve stays in place
The financing was built with around 70 % of the purchase price.
The additional costs as well as a considerable share of equity were borne from own funds.
All renovation measures were also taken into account from the outset. As a result, the house could be adapted to the requirements of a family living there permanently immediately after handover.
Children at school locally, parents working on as before: Just a few months later, the family moved to Llucmajor. The children were able to attend school locally, while both parents continued their professional work without restrictions.
Thanks to the early renovation, no further major investments were necessary. The house met the requirements of the new centre of life from the very first day.
A house to live in raises different questions than a holiday home
Anyone moving permanently to Spain should not view a property solely from the perspective of a holiday home. Topics such as energy efficiency, studies, everyday practicality and long-term running costs gain considerably in importance.
Llucmajor: financing paves the way for a flexible fresh start: The purchase of a detached house in Llucmajor shows that property financing should always suit one's personal life planning. Anyone who prepares a permanent move to Mallorca, takes renovations into account early and preserves sufficient financial flexibility creates the basis for a successful new start on the island.
Frequently asked questions
Should reserves be kept despite a high equity ratio?
Yes. Especially when moving abroad, it is advisable to plan financial reserves for unexpected developments or new life situations.
Why did the family choose a detached house in Llucmajor?
Decisive factors were the good connection to Palma, the proximity to the airport and the comparatively quiet residential location. The house had four bedrooms, a garden and enough space for two separate studies.
Which changes to the house in Llucmajor were planned for working from home?
Planned were a high-performance internet and network infrastructure, two fully equipped home-office areas, a photovoltaic system with battery storage as well as various energy improvements.
A similar situation in Spain? Let's talk.
Every financing in Spain is an individual case. In a free initial consultation I will tell you honestly what is feasible and which bank fits.
Anonymised 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
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Content by Siegfried Perini — local brand representative since 2019, active in real estate since 1992, entered in the German intermediary register (§ 11a GewO) as a person directly involved in brokerage and advice. Point of contact for German-speaking buyers in Spain and Portugal. Brokerage by Olga Nikushkina, mortgage credit intermediary under § 34i German Trade Regulation (GewO); in Portugal through a locally licensed intermediary.