Tenerife property: location-independent in El Médano, €689,500 loan at ages 37 and 40
A couple from Cologne had realised during the pandemic that both of their professions could be carried out permanently from anywhere. The buyers were 37 and 40 years old. He worked as a software architect, she as head of an international marketing department.
How was the house in El Médano financed for two buyers working from home?
The Spanish bank financed €689,500, about 70 percent of the €985,000 purchase price. The additional costs, part of the price and the €105,000 for photovoltaics, fibre cabling, home-office fit-out and pool cover came from own funds. The financing was deliberately conservative: it was checked against one buyer reducing working hours or changing employer.
€985,000 price, €689,500 loan, €528,550 own funds
- Purchase price: 985,000 €
- Financing required: 689,500 €
- Equity: 528,550 €
Anonymised case figure · not a binding statement for other projects · §34i GewO
When the place of work suddenly no longer matters
A couple from Cologne had realised during the pandemic that both of their professions could be carried out permanently from anywhere. They worked for international companies, initially spent several months a year on Tenerife and finally decided to move their centre of life to the island entirely.
After an intensive search they deliberately chose El Médano over the tourist centres. The relaxed atmosphere, proximity to the sea and the year-round active town life fitted their new lifestyle perfectly.
Buyers aged 37 and 40 looking for a house with garden
The buyers were 37 and 40 years old. Both earned a stable income and had sufficient equity, but did not want to use all their private reserves for the property purchase.
They were looking for a modern detached house with a garden, two separate studies and enough room for regular visits from family in Germany.
€1,218,050 total, €105,000 for solar power and tech: Purchase price: 985,000 €; Additional costs: 128,050 €; Renovation (photovoltaics, fibre cabling, home-office fit-out and pool cover): 105,000 €; Total investment: 1,218,050 €; Equity: 528,550 €; Financing required: 689,500 €.
The financing share corresponded to around 70 % of the purchase price.
Adapting a young house for two home workplaces
The house was only a few years old but had to be adapted to the everyday life of two people working permanently from home.
Besides two fully equipped work areas, the internet and network technology was to be modernised, a photovoltaic system installed and the outdoor area designed so it could be used year-round.
The buyers wanted to complete all measures immediately after purchase.
Deliberately conservative financing, reserves kept: Before the purchase decision, all planned investments were calculated in detail and considered together with the purchase price and additional costs.
It was also examined how the financing would develop in the long term if one of the buyers were to reduce their working hours or change employer in future.
The financing was therefore deliberately conservative and left sufficient financial reserves in place.
Loan set at 70%, refurbishment fully costed upfront
The financing covered around 70 % of the purchase price.
The additional costs and a considerable part of the purchase price were covered from own funds.
All modernisation measures were also fully included in the overall plan. As a result, all work could be carried out immediately after the handover of keys.
Both now work permanently from El Médano: After a few months, the house was technically and energetically optimised for the family's needs.
Today both work permanently from El Médano and enjoy the advantages of a place where work and quality of life can be combined effortlessly.
Technical fit-out matters as much as the location
Anyone working permanently from abroad should not only consider location when choosing a property. Capable technical equipment, enough space for focused work and sustainable financing planning are today just as much part of a future-proof property.
El Médano: financing accounts for the whole future lifestyle: Buying a detached house in El Médano shows how much the requirements for homes have changed. Anyone who wants to live and work permanently abroad should not align their financing only with the property purchase but consider their entire future lifestyle. Careful planning creates the basis for long-term security and maximum flexibility.
Frequently asked questions
Why was not more equity used?
The buyers deliberately wanted to keep financial reserves so they could respond flexibly to professional or private changes in future.
Which changes were planned for the detached house in El Médano for working from home?
Besides two fully equipped work areas, the internet and network technology was to be modernised, a photovoltaic system installed and the outdoor area designed so it could be used year-round. The buyers wanted to complete all measures immediately after purchase.
Why did the buyers choose El Médano on Tenerife for their detached house?
They deliberately chose El Médano over the tourist centres. The relaxed atmosphere, proximity to the sea and the year-round active town life fitted their new lifestyle.
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.