Owning holiday apartment in Spain any advice/thoughts?

[Freebird]

Afternoon dibbers

Looking for any advice/thoughts about owning a holiday apartment in Spain and how easy it is to earn a income from it?

A bit of background - I'm selling a house and should get money through from that in next few weeks. I was going to use it as a deposit to buy myself something but as I'm effectively on my own I'm never going to be able to afford anything where I live and I'm happy in the flat I'm renting at mo.

But I also don't see the point of having this money just sat there when it could be reinvested if I'm not going to use it for a deposit.

And I'm also worried that I would just spend it I'm sure my family would love a few all expenses paid, first class all the way holidays to Florida but that's not great for my future

I'm looking at new build apartments on golf resorts and would be able to buy outright or am considering an upgrade with a very small mortgage. I'm aware there will be costs involved e.g. ground upkeep fees management company fees etc

Any thoughts would be appreciated!

[duchy]

I think I’d hold fire right now as heaven knows what will happen to the secondary home market after Covid . The market could go into free fall or alternatively if owners can survive the recession in the main it may only drop a little but with some foreclosure sales and perhaps you could pick up a bargain.
If I had to invest in property now I’d probably go for buy to let at home as there’s a glut of Spanish holiday rentals but a shortage of U.K. rental properties.

Would shared ownership be doable in the area you want to live ?

[Freebird]

Thank you for the reply

I must admit I was thinking if it looks too good to be true it probably is!

That was what I was going to use deposit for I was setting up to buy a new build property and using shared ownership to bridge the gap of what I could afford and then someone else pipped me to the post for it and it was the last one of that type in the current phase

They are building more but no more of the same type, the ones now will be slightly bigger and hence more expensive and I would need a bigger shared ownership loan