Holiday rental, is it worth it.

There is a very nice appartment just down the road from me for sale. The price is low and the appartment is very attractive (well, in need of a lick of paint and other small repairs, but inherently attractive). We were thinking of maybe buying it for rental. So right now we're trying to run some figures to get a ballpark figure on potential costs.

I'd like to hear from others who are renting out to get some idea of what you're paying for things such as additional taxes, rental agent fees, permits, miscellaneous costs associated with rental. I already own a property so am aware of all the basic costs that come with that, so I'm more interested in the stuff that comes on top of that.

If it was as easy as buying a cheep appartment and then give the keys to a estate agents and sit back and let the money roll in everybody would be doing it.

depends whether you are considering long of short term rentals .

We rent short term in Mojacar & average  a max. of 6-8 weeks /year but do not consider long term as it appears too fraught with potential problems . 

Upkeep with repairs & maintenance is always more expensive than you think as clients are seldom as careful with a rental property as they are with therir own .

Yes, I am fully aware that it's not about sitting back and waching the free money roll in.

But obviously some people are making money on rentals wherea others are losing money, so what I'm trying t work out is, what does it take?

I'm thinking more of a holiday rental type thing. I would furnish the flat with IKEA or comparable cheap stuff and be prepared to throw the lot out and re-do every few years. No pesonal or valuable stuff as people don't treat it with respect  

I could also use the flat when I have visitors over as I have already had situations where I had so many family and vistors over all at the same time (for family birthdays and such) that there wasn't space for everybody in my house and I had to rent another house just to offer them a place to sleep. As this typicaly happens off seson, it woudn't be affecting my rental income.

First, I don't let in Spain - at all, ever.   I think the idea that there is money in rental property spills over from the UK where it is pretty straight forward to run a reasonable business, so I just wanted to say there is a middle, more common scenario, in that people  rent out their place in Spain just to help meet costs.   Some overstretched themselves in buying in the first place, and some did not intend to keep property, they simply wanted to flip it and make a quick profit.   I would say that cheap kitting out an apartment is not going to fly.  The competition is just too great, with some really good quality property around.   Second, if you want to be sure you are legal, there is a lot to do, and I know people who used to rent out, and now say they will not because of changes to the law, agitation by hotels etc.   Others on here will know much more than me about that.   The most successful holiday rentals around me are where people run them personally, and promote themselves with their own websites.   I think a poster has already said that the peak season is only 8 weeks.   So there is not a lot of money in it as far as I can see.  

HOWEVER, if you have children, you might like to buy a nice really cheap apartment and sit on it for them.   In a couple of decades it could well be worth something - maybe!!