Cullera: Financing a penthouse with a view of the Mediterranean for a permanent centre of life
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.
At a glance
- 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.
Initial situation
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.
Financing overview
- Purchase price: 654.000 €
- Additional costs: 78.500 €
- Renovation: 37.500 €
- Total investment: 770.000 €
- Equity: 344.900 €
- Financing required: 425.100 €
The challenge
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.
Analysis
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.
Financing solution
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 taken into account in joint financing. Later additional financing was therefore not required.
Outcome
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.
What other buyers can learn
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 questions
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?
Conclusion
Cullera combines Mediterranean quality of life with excellent infrastructure and short distances to Valencia. Financing that takes the purchase price, additional costs and all planned modernisation into account together from the start creates the basis for a long-term secure centre of life on the Costa de Valencia.
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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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