Description
We are delighted to add to our portfolio of investment property this well-located house in Torrevieja, Alicante.
Our client, the owner is 76 years old and wishes to release equity in his home. In return, he is willing to grant very good terms and conditions to the buyer who will allow him the right to live here until the deal matures.
The deal ends when the seller moves into Spanish permanent state care, moves out, or passes away.
The Proposal is a Sell and Stay deal. This really appeals to all parties involved. The owner can literally sell his home in Torrevieja in order to free up some cash. In exchange for excellent terms and conditions, the new buyer will allow him to remain living there for life. The seller does not need to move out or suffer the large costs of downsizing. The buyer as well as getting an appreciating asset gets a discounted property that our client will maintain as he has done for more than the past decade already.
The buyer pays no income tax on rental income, does not have to deal with tenants or property management companies, and there are no months when he doesn't get paid. It is all factored into the agreement already.
If the property appreciates or the new buyer wishes to cash it in, he can do so at any time, assuming the new buyer honors the terms agreed with the owner now.
This is another win/win deal.
Bare ownership can be bought for 80,000 euros in the form of a once-off payment.
Alternatively, the seller will accept a down payment of 37,000 euros with an annuity paid to the seller of 500 pm.
The valuation of the property based on similar properties for sale on Kyero.com and Right-Move is approximately 175,000 euros.
Torrevieja is situated on the Mediterranean coast, 40 minutes from Alicante Airport.
The beautiful Spanish fishing town is a tourist hot spot and the newly developed Marina attracts visitors and yachts from all over the world.
The La Zenia Boulevard is ten minutes by car and the golfing gems include La Colinas, Villamartin, and Las Ramblas. Valencia is two hours to the north.
The well-situated property consists of: a lounge with an American-style kitchen; a bedroom and a shower room with a toilet and utility room combined on the ground floor.
Outside you'll find a balcony, a working shed, and a small terrace.
There are marble stairs from the lounge leading to two double bedrooms both with balconies and a full bathroom.
The additional under built apartment consists of a large lounge with a dining area,
American-style kitchen with utility room. There is one large bedroom with access to the shower room and toilet. The WC has access from both lounge and bedroom.
Renters or guests will also enjoy the large terrace and bright open spaces.
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