Orihuela Costa: Financing a modern penthouse for a permanent residence
A dentist and a tax adviser from Bavaria planned to reduce their professional activity gradually over the coming years and to spend most of the year in Spain in future. In the long term, the penthouse was to become their permanent main residence.
At a glance
- Purchase price: 712.000 €
- Renovation: 32.600 €
- Financing required: 462.800 €
- Equity: 367.200 €
Anonymised case figure · not a binding statement for other projects · §34i GewO
Mediterranean living between golf courses, beaches and urban infrastructure
Orihuela Costa is one of the most sought-after residential regions in the south of the Costa Blanca. The combination of modern residential complexes, numerous beaches, international shopping and excellent infrastructure makes the region especially attractive for German-speaking buyers who want to move their centre of life permanently to Spain.
This practical case shows how buying a high-quality penthouse can be implemented with durable financing.
Initial situation
A dentist and a tax adviser from Bavaria planned to reduce their professional activity gradually over the coming years and to spend most of the year in Spain in future. In the long term, the penthouse was to become their permanent main residence.
The decision fell on a modern property in a well-kept residential complex near the coast of Orihuela Costa. The generous roof terrace, the open living area and the good accessibility of all everyday amenities were particularly convincing.
Financing overview
- Purchase price: 712.000 €
- Additional costs: 85.400 €
- Renovation: 32.600 €
- Total investment: 830.000 €
- Equity: 367.200 €
- Financing required: 462.800 €
The challenge
The buyers had solid assets but deliberately did not want to invest all their liquid funds in the purchase. At the same time, the apartment was to be adapted to their own living ideas immediately after the purchase.
Particular attention was paid to comfortable equipment for permanent use and to building services that were as energy-efficient as possible.
Analysis
The penthouse was in very good structural condition. The planned investments therefore mainly served individual equipment.
Provided for were a high-quality fitted kitchen, the redesign of the two bathrooms, custom-made fitted wardrobes, optimised air conditioning and a partial redesign of the roof terrace with permanently integrated shading and additional storage solutions.
All measures were calculated in detail before the purchase and included in the total investment.
Financing solution
The financing was set at around 65 % of the purchase price. This kept enough equity, while at the same time achieving a balanced monthly burden.
Alongside the purchase price, all acquisition costs and the full modernisation costs were integrated into the financing. This meant no later top-up financing was required.
Outcome
Once the work was completed, a comfortable residence was created that meets the requirements of daily life as well as the long-term plans for retirement.
The buyers were able to prepare the move as planned and continued to have sufficient financial reserves.
What other buyers can learn
Modern new-build or nearly new existing apartments too often cause additional investment before they fully match one's own living wishes. If these costs are taken into account already at the purchase, significantly better financial predictability emerges.
For high-quality properties in Orihuela Costa in particular, a comprehensive overall calculation is therefore worthwhile.
Frequently asked questions
Why is Orihuela Costa interesting for owner-occupiers?
Do modernisation costs have to be planned in for modern properties too?
Can these costs be co-financed directly?
Is a penthouse suitable as a permanent residence?
Conclusion
Orihuela Costa combines modern living with a high quality of life and excellent infrastructure. Anyone who takes the purchase price, additional costs and individual equipment wishes into account in joint financing creates a solid basis for a long-term relaxed start in the new home on the Costa Blanca.
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To the case report →A similar situation in Spanien? 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 · Siegfried Perini, BAFA-notified for the cross-border activity of the owner Olga Nikushkina · §34i GewO · no tax or legal advice · no financing commitment; conditions depend on creditworthiness, loan-to-value and bank
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