La Cala de Mijas: Financing a modern apartment for a permanent centre of life
A married couple from North Rhine-Westphalia, she a management consultant, he an IT project manager, wanted to prepare their move to Spain gradually. Both worked mostly remotely and planned to relocate entirely to the Costa del Sol in a few years.
At a glance
- Purchase price: 786.000 €
- Renovation: 39.700 €
- Financing required: 511.800 €
- Equity: 408.200 €
Anonymised case figure · not a binding statement for other projects · §34i GewO
Living near the coast with a high quality of life
La Cala de Mijas has developed in recent years into one of the most sought-after places to live on the Costa del Sol. Despite the positive development, the place has preserved its relaxed character. Shops, restaurants, medical care and the beach promenade are conveniently reachable, while Málaga and Marbella are a short drive away.
For many German-speaking buyers, La Cala de Mijas is therefore an ideal location for a permanent centre of life.
Initial situation
A married couple from North Rhine-Westphalia, she a management consultant, he an IT project manager, wanted to prepare their move to Spain gradually. Both worked mostly remotely and planned to relocate entirely to the Costa del Sol in a few years.
They were looking for a generous apartment with a large terrace, a lift, an underground parking space and enough room for two separate work areas. After an intensive search they found a modern apartment in a well-kept residential complex near the beach promenade.
Financing overview
- Purchase price: 786.000 €
- Additional costs: 94.300 €
- Renovation: 39.700 €
- Total investment: 920.000 €
- Equity: 408.200 €
- Financing required: 511.800 €
The challenge
The equity consisted of savings and a securities portfolio built up over the long term. The buyers, however, deliberately wanted to keep a considerable part of their assets invested in order to preserve financial flexibility for later retirement.
In addition, the apartment was to be adapted to the requirements of a permanent residence before moving in.
Analysis
The property was technically in good condition. The planned investments therefore mainly served individual equipment and better everyday practicality.
Provided for were a new fitted kitchen with additional storage, the modernisation of a bathroom, custom-made fitted wardrobes in the bedroom, zone-controllable air conditioning and the conversion of a room into a full home office with integrated storage solutions.
As all measures were defined before the purchase, they were fully included in the total investment.
Financing solution
The financing was set at around 65 % of the purchase price. This kept enough equity available without unnecessarily increasing the monthly burden.
Alongside the purchase price, all additional costs and all planned modernisation measures were taken into account in joint financing. This meant no later top-up financing was required.
Outcome
Once the work was completed, a comfortable apartment was created that meets the requirements both of ongoing professional activity and of the long-term plans for retirement.
The buyers were able to expand their stays in Spain gradually while preserving their financial flexibility.
What other buyers can learn
La Cala de Mijas offers not only an attractive coastal location but also excellent conditions for year-round living. Anyone who realistically calculates individual adaptations already at the purchase and integrates them into the financing creates a robust overall calculation from the start.
For a planned centre of life in Spain in particular, this forward-looking planning pays off.
Frequently asked questions
Why is La Cala de Mijas especially interesting for owner-occupiers?
Can home-office adaptations be included in the financing?
Why is financing used despite sufficient equity?
Which properties are especially in demand in La Cala de Mijas?
Conclusion
La Cala de Mijas combines a Mediterranean feel of life with excellent infrastructure and short everyday distances. 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 centre of life on the Costa del Sol.
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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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