Torrox: Financing a detached house for retirement on the eastern Costa del Sol
A couple from Lower Saxony, both active for many years in the public health sector, planned complete retirement on the Costa del Sol. Important were a low-maintenance plot, as few steps as possible and enough room for regular family visits.
At a glance
- Purchase price: 612.000 €
- Renovation: 34.600 €
- Financing required: 397.200 €
- Equity: 322.800 €
Anonymised case figure · not a binding statement for other projects · §34i GewO
Mediterranean living in one of the sunniest regions in Europe
Torrox is known above all for its mild climate and relaxed atmosphere. The municipality combines traditional Andalusian structures with modern residential areas near the coast and offers ideal conditions for people who want to move their centre of life permanently to Spain. Anyone seeking peace without having to give up good infrastructure finds attractive housing options here.
This practical case shows how buying a detached house for owner-occupation can be implemented with durable financing.
Initial situation
A couple from Lower Saxony, both active for many years in the public health sector, planned complete retirement on the Costa del Sol. Important were a low-maintenance plot, as few steps as possible and enough room for regular family visits.
After a longer search they chose a detached house in a quiet residential setting between Torrox Pueblo and Torrox Costa. The property offered a good building fabric and largely matched the buyers' ideas.
Financing overview
- Purchase price: 612.000 €
- Additional costs: 73.400 €
- Renovation: 34.600 €
- Total investment: 720.000 €
- Equity: 322.800 €
- Financing required: 397.200 €
The challenge
The equity came mainly from the sale of the previous home in Germany. At the same time, the buyers wanted to preserve sufficient financial reserves for retirement and possible healthcare expenses.
Before moving in, several measures were to be implemented in order to increase living comfort over the long term.
Analysis
The property was well-kept and technically solid. The planned investments focused on comfort and future usability.
Planned were the modernisation of the kitchen, the conversion of a bathroom with a level-access shower, more energy-efficient air conditioning, the replacement of several windows and the installation of electrically controllable roller shutters for better shading.
As all measures were planned in detail before the purchase, they could be fully included in the financing.
Financing solution
The financing was set at around 65 % of the purchase price. This kept enough equity as a long-term reserve, while at the same time creating a manageable monthly burden.
Alongside the purchase price, all acquisition costs and all intended modernisation were fully integrated into the financing. Later top-up financing was therefore not necessary.
Outcome
Once the work was completed, a comfortable house was created that is optimally tuned to the buyers' needs in retirement. At the same time, enough financial room remained for travel, leisure and unforeseen expenses.
The planned move to Spain could be implemented without additional financing steps.
What other buyers can learn
Anyone planning their retirement for the long term should think about future requirements already at the property purchase. Comfort improvements and age-appropriate adaptations can be implemented much more easily and economically before moving in.
Complete financing planning ensures maximum planning certainty.
Frequently asked questions
Why do many owner-occupiers choose Torrox?
Can age-appropriate modernisation be financed together?
Why is equity deliberately kept?
Which properties are especially in demand in Torrox?
Conclusion
Torrox offers ideal conditions for a relaxed retirement on the Costa del Sol. Financing that takes the purchase price, additional costs and all planned modernisation into account already at the acquisition creates the basis for a long-term secure and comfortable new start in Spain.
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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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