Buying a holiday home in albufeira

Hi everyone. My husband and I are hoping to buy an apartment in a complex in Albufeira. We are coming over to view in October (all being well with coronavirus etc). When talking to my friend today, she raised concerns about what if the complex goes into administration in the future. Also, my mum is saying we should wait and see how things go. We are committed to buying and are wondering has anyone bought a holiday home and regretted it? Or should we just go for it? We are 34 and 37 with a 21 month old son. We'd hope to get out 5/6 times a year. What I'm asking is, did anyone think it was money well spent and are glad they bought, or did they regret it and rather have more money to live on a monthly basis, by not having a second property. I hope this makes sense? Thanks.

Buying off plan on a brand new complex could be risky , there are empty building in Albufeira that definitely caught investors out ! If the complex is established and already up and running that is much less risky ! There are many apartments for sale that are in lovely complexes, whilst you are over see as many as you can to give yourself plenty of options ! Good luck 🤗

I'll second that.

Well said tonisdad in these uncertain times . Personally I think this unfortunate  sh*te  is gonna be with us for a long while  and will affect everything you said  regarding buying property or  even owning it. Hold fire and see what the future brings.

No-one I know in any serious position thinks the pound will `rise` again ... the writing has been on the wall for some time ... we had the chance to join the euro at 1.65 when it came in, but ever since the european currency has come up trumps. Several years ago I said on this forum that it should be around 1.10 (proper value) ... but now we are out in cold that is untenable .. 1.00 would be good ..

Decent property will always hold its value at the minimum ( ok might dip short term) but more likely go up so if you have funds to buy and see something you like buy it.