01 June 08

Property

Property

view the gallery

Becky Lythgoe, from Liverpool in the UK, studied languages at university and was used to living abroad, having previously resided in Paris and Spain. She explains that she and her partner Richard often get so excited about travelling that they a pick a place at random from Ryanair’s destination list, book a ticket and go exploring.

On one such trip in 2006 they went to stay with friends in Sicily, with the aim of relaxing by the pool in the sunshine.

“But Richard got that look in his eye,” Becky says, and before they knew it they had rented bikes and cycled up a big hill, where they spotted a small house that they instantly fell in love with. Within a short space of time they decided to spend €110,000 and buy their dream home.

“But Richard got that look in his eye,” Becky says, and before they knew it they had rented bikes and cycled up a big hill, where they spotted a small house that they instantly fell in love with. Within a short space of time they decided to spend €110,000 and buy their dream home.

Becky and Richard got married in May last year, and moved to Sicily permanently last June.

Their three-bedroom property is in the hills above Cefalù, close to a nature reserve, and they are in the process of renovating it. Planning laws are strict, and the approval process long, as there are regulations for everything from the height of the ceiling to the size of the windows. But the pair don’t mind.

In fact they became so interested in the business that they established their own property company named a A House In Sicily. Becky and Richard now make a living out of managing properties for rent and sale from locals and foreigners on the island, as well as sourcing other derelict houses, doing them up and reselling them. And they are both loving their new life in the sun.
FOR MORE INFORMATION GO TO WWW.AHOUSEINSICILY.COM

In Sicily, locals don’t like buying property they can’t physically see, according to Paul Winder from The Right Move Abroad. Therefore, buying off-plan is not popular. This is good news for investors, as they can buy properties off-plan and then resell them to locals for a profit once construction has been completed.

That’s the theory anyway. But when it comes to reselling your property – whether off-plan or not – where do you go? Many people go back to the original agent who sold it to them, but this is not always the best strategy.

Niamh Walsh of Irish company Lisney Overseas Residential says it only sells investment properties – which are sold mainly off-plan – and do not take on second-hand resales. However, in some cases large agents working abroad do have dedicated resales departments that will look after selling your home. MRI Overseas Property is one, but you almost always have to have bought the property from them to begin with. The exception among the big UK agents is Savills in London, which does accept resale properties not from their original portfolio.

Other options open to sellers are to sell as an FSBO or “For Sale By Owner”, and many property websites have special sections for this. In Spain, an emerging trend is to auction your property to get a quick sale. Direct Auctions Spain, based in Marbella, charges a fee of €232 to place your property in the live auction, plus a commission of 2.5% (plus VAT) on a successful sale.

Alternatively, to sell your overseas property, you can go direct to agents in the area where you bought, to see if you can do a deal with them to resell your property. You can find places on the local high street, or by checking out listings from the Association of International Property Professionals, or WorldProperties. com, which is backed by the International Consortium of Real Estate Associations.

In many European countries you pay no capital appreciation if you hold on to the property for five or 10 years, so many resale buy-to-let properties will have been rented out to many tourists over the course of their lifespan. In that case, a full refurbishment or renovation may be required.

“People buy homes based on emotions, and it is generally accepted that most buyers decide whether to submit an offer within the first 30 seconds of viewing,” says interior designer Sinead Considine, who runs Upstage, a company specialising in revamping holiday properties for resale. So make sure that first impression is a good one and that you get a good price!