Case Study
No White Boxes
Our clients were long-time expatriates from the UK, working in the United States, with plans to buy a property in Spain as a permanent home after retirement in about 10 years time. Until then, they would use it as a holiday home when visiting Europe on leave. As Spain was recovering strongly after the decade-long recession following the 2008 global crash they felt it made sense to get a foot on the property ladder well before they would use it full time.
the brief
- 4 bed+ detached villa
- Happy to do updating
- Good outside space
- On or close to coast
- Traditional exterior
- Contemporary interiors
The challenges
Long-distance searches are always the most challenging, repeat viewing trips from northern Europe are one thing, quite different from the US. So preparation was key and after a face-to-face meeting with the client during a business trip to London the brief was agreed and I knew what I would be targeting although the exact location was less certain. The Golden Triangle incorporates the Marbella, Estepona and Benahavís municipalities so I guided them towards the best locations to give them the mix of beach and golf they wanted. The one thing they knew they didn’t want was what they termed a ‘white box’ new-build - they wanted a more Andalucían exterior but with contemporary interiors, an already-renovated property or one that they would update themselves eventually.
The search
The search focused on the Costa del Sol's Golden Triangle - perfect for year-round living
The clients had already decided the best area for them would be the Costa del Sol because this is one of the few areas on the European mainland with a genuine 12-month season, ideal for those intending to live year-round and want the best climate possible. I had less than four weeks to prepare a shortlist of properties for them to view but sticking strictly to the agreed criteria produced a very short shortlist. As they were travelling from the US, the viewing trip was longer than the normal 48hrs - 72hrs for EU and UK-based clients and the first few days were spent driving around the locations I had identified, followed by the clients walking those areas by themselves to get a real feel for the environment. By mid-week, they were very focused on Cortijo Blanco, a beachside area developed over 50 years, very mature, very quiet and residential, and becoming very up-market. I had located three properties in Cortijo Blanco that matched the criteria and were in budget and appointments to view were arranged.
The result
After renovation
Two of the three properties selected for viewing were just located in the same street, both very recently renovated, in budget and met the accommodation criteria. The one negative they both had which I had already flagged up in my written reports, was a nearby apartment complex on two floors which overlooking the gardens and swimming pools. For 100% privacy, very tall trees along the rear boundary were needed, and several neighbouring properties had such a screen, but these trees do effectively block late afternoon sun in winter. Neither of these properties were excluded and we proceeded to the third viewing. A six bedroom house in one of the best positions in the urbanisation was next on the list and again, it met the requirements, although in this case, the very high quality interiors were too traditional and not to my clients’ taste. Not a problem, they were quite prepared to renovate. My negative about this property was the fact that three of the six bedrooms were in the basement and had no natural light.
While we were standing on the first floor terrace my clients commented on the rather lovely garden of the adjacent house, a double plot of 2,000m2. I told them it was for sale but being on such a large plot only 250m from the beach, and with five bedrooms, none of which were in the basement, the asking price was considerably above their stated budget. When clients give us a budget to work with we stick to it until they tell us otherwise. They told us otherwise.
We viewed the next day, they made an acceptable offer and contracts were drawn up. We then found ourselves fighting off a higher offer but were lucky enough to be dealing with a very honourable seller who stuck with my clients providing the contract was signed immediately, with completion within a month. It was. In fact, from taking the brief, doing the research, viewings, negotiation, contracts and completion, took just seven weeks. In addition, during conveyancing, I spotted the property was incorrectly described in the title deed, something the original lawyer had missed when the property was built. We insisted this was corrected at the seller's expense.
Although the house was in excellent condition for a 20 year old house, the interiors were dated. Within a year, my clients started a major renovation. Externally, a small swimming pool in the wrong location was enlarged and repositioned alongside a covered outside entertaining area, and a modern, neutral colour gave the house a contemporary look while retaining the Andalucían architecture my clients wanted. Internally, the house was stripped right back to the brick and renovated, plus a large basement with natural light was completely remodelled with entertainment areas. The finished result: a modern home in a location where new-build opportunities are now extremely limited and at a price well-below what an equivalent new-build would have been.
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