Practical case Fuerteventura: Detached house in Corralejo – More space for family and home office
The buyers were both in their early forties. He worked as a project manager at an international technology company; she headed the HR department of a software company and worked entirely remotely.
At a glance
- Purchase price: 875.000 €
- Financing required: 612.500 €
- Equity: 474.250 €
Anonymised case figure · not a binding statement for other projects · §34i GewO
A permanent home rather than a classic holiday property
A couple from Hanover had originally been looking for an apartment on the Canary Islands. During several stays on Fuerteventura, however, their requirements changed. With two children, permanent home office and the wish for a garden, a detached house increasingly came into focus.
Corralejo won them over with its good infrastructure, proximity to the dunes, the ferry links to Lanzarote and the pleasant year-round climate.
Initial situation
The buyers were both in their early forties. He worked as a project manager at an international technology company; she headed the HR department of a software company and worked entirely remotely.
After selling an apartment in Germany, equity was available. Even so, they did not want to invest all of the sale proceeds but to keep financial reserves for the move and the new stage of life.
Financing overview
- Purchase price: 875.000 €
- Additional costs: 113.750 €
- Renovation (photovoltaics, air conditioning, garden and home office): 98.000 €
- Total investment: 1.086.750 €
- Equity: 474.250 €
- Financing required: 612.500 €
The financing share corresponded to around 70 % of the purchase price.
The challenge
The house essentially matched the family's ideas but needed some adjustments for year-round use.
Planned were two modern studies, an energy-efficient power supply via photovoltaics, a new garden irrigation system and additional shading for the terrace and living areas.
All measures were to be completed immediately after handover.
Analysis
Before the purchase contract was concluded, all modernisation measures were calculated in detail.
In addition, a long-term household budget was drawn up which, alongside the financing costs, also took into account the move, furnishing and the ongoing living costs on Fuerteventura.
The buyers deliberately chose against a maximum use of equity in order to remain financially flexible in future.
Financing solution
The financing was set at around 70 % of the purchase price.
The additional costs and part of the purchase price were paid from own funds.
All modernisation costs, too, were already part of the original financing plan. This meant all work could be carried out directly after the transfer of ownership.
Outcome
After a few months, the house was fully adapted to the family's needs.
Both parents were able to continue their work without difficulty, while the children quickly embraced everyday life on Fuerteventura as their new home.
Thanks to the early modernisation, no additional financial burdens arose after moving in.
What other buyers can learn
Anyone who wants to live permanently on an island should not choose the property based solely on location or view. Enough space for everyday life, modern technical equipment and financing that offers long-term financial security are equally important.
Frequently asked questions
Is Corralejo suitable for families?
Why was the photovoltaic system planned at the time of purchase?
Is financing at around 70 % of the purchase price usual?
Conclusion
Buying a detached house in Corralejo shows that good property financing should always consider the entire lifestyle. Anyone who uses equity deliberately, plans modernisation early and keeps enough financial reserves creates the basis for a permanent home on Fuerteventura.
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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