Highly anticipated, the Jeanbrun system is based on several tax advances which can, in certain cases, make rental investment more attractive.
• It strengthens the tax advantage granted to investorsby authorizing the depreciation of the overall cost price of the property, purchase and work included. This advantage can be combined with the classic land deficit, which increases the interest in major renovation operations. “This measure makes it possible to reduce the overall household tax, and not just the tax linked to rental income.», underlines Thierry Abriat, general director of illiCO Travaux.
• Other mechanical effect of the device : it clearly favors new collective housing, which immediately meets the requirements, in particular the achievement of a DPE A or B.
• It is primarily aimed at the strongest investorscapable of absorbing a high threshold of work (30% of the cost of the operation) and a prolonged rental vacancy phase.
Those who stay on the side of the road
In practice, the conditions of access to the Jeanbrun system operate a strict selection, leaving several entire segments of the market by the wayside.
• Old real estate with complex works
In the former, the requirements of the system appear difficult to achieve, particularly in co-ownership. Achieving an A or B energy label after work often requires an overall renovation of the building, beyond the reach of an owner acting alone. “Aiming for an A or B label in renovation is absolute excellence. In co-ownership, it is almost impossible individually», alerts Thierry Abriat. Dependence on collective decisions (insulation, heating, facades) strongly limits the ability of investors to act, weakening the very interest of the system.
• The individual house, excluded from the perimeter
Another big loser: the individual house, completely excluded from the Jeanbrun system. A choice strongly criticized by the Hexaom group. “We cannot aim for colossal objectives while ignoring the type of housing most popular with the French and the quickest to produce.», underlines its general director, Loïc Vandromme.
• Peri-urban and rural areas
Less equipped with new collective housing, these areas risk remaining excluded from the expected effects of the recovery, despite significant needs in rental supply.
A two-speed recovery
As it stands, the Jeanbrun system mainly benefits new collective housing and the best financially equipped investors. Conversely, the old with heavy work, the co-ownership and the individual house remain largely on the side of the road, raising the risk of an ambitious, but largely underused, system.
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