After the disappearance of the Pinel on January 1, on which rental investment device falling back down? Overview of new alternatives and exists antes.
End of the system Pinel,, Prohibition to rent thermal colanders noted G on the diagnosis of energy performance, decrease in the tax reduction in tourism furnishedings, increase in taxation to resale For non -professional furnished rental (Lmnp) … it is an understatement to say that real estate investors are “Basic “ At the beginning of 2025, as Edouard Fourniau, President of Consulis Groupe deplores. Pinel, which offered the lessor a tax reduction in return for moderate rents for a number of years, “Was super simple to understand”regrets Jean-Luc Guitard, Managing Director of this company specializing in investment real estate.
Certainly, in terms of bare rental, alternatives to Pinel “Enhance but without really convincing”according to the two men. Previously reserved for institutional investors, the Intermediate rental accommodation (LLI) has just opened up to individuals. It allows you to buy a new housing at a VAT rate of 10%, instead of 20%, and to benefit from a tax credit equivalent to the amount of the property tax. This, provided you rent the property to people whose income does not exceed certain thresholds, also capped. Based on a property bought 170,000 euros, with a 10%VAT, funded by 5,000 euros in contribution and a credit over 20 years at the rate of 3.50%, as well as a resale price “Very optimistic” From 225,000 euros, Consultim assesses the yield of the LLI to 2.58%. An amount “A little lower than the Pinel reported and very far from the 6.5% promised by certain promoters”scratch Jean-Luc Guitard. Not to mention that the LLI requires Create a real estate companywhich can discourage more than one investor.
Rental real estate: this new tax advantage drops the purchase price from 15 to 18%
A negative yield
The device Loc’Avantagesit is not new, but the finance law for 2025 prolonged it for three years when it was to go out on December 31, 2024. It offers a tax reduction in return for rent lower than the price of the market. The lower the rent, the greater the tax reduction, up to 65%, for a 45%rent discount. “The final performance is very questionable”Grimace Edouard Fourniau. For an apartment purchased 186,000 euros, funded by an contribution of 5,000 euros and a credit at the rate of 3.50% over 20 years, rented 600 euros per month, or a discount of 45% giving the right to a tax reduction of 65%, “”The yield becomes negativeat -0.57%, given the significant drop in rent ” Compared to the market, warns Jean-Luc Guitard. Loc’Avantages also requires signing an agreement with the National Housing Agency, which makes this solution “Complicated”.
Among the other existing rental investment systems is the Denormandywhich offers a tax reduction of 12% to 21% of the amount of the investment, subject to renovation work representing at least 25% of the sum invested and that housing is located in one of the 222 cities concerned by the national rehabilitation program Action Coeur de Ville. Both the rents and the resources of the tenants are capped. Based on a purchase of 200,000 euros, to which are added 50,000 euros in work, financed by means of a contribution of 10,000 euros and a credit of 3.50% over 20 years, and a resale price of 250,000 euros, Consultim assesses the profitability of the investment to 1.14%. “The locations are very questionable: Bayeux or Morlaix are not Cannes, Neuilly or Versailles, where everyone wants to invest”explains Jean-Luc Guitard, adding that “”The price per square meter in Denormandy is very expensive»».
Up to 5.5% yield for nursing homes
For him, the only really interesting rental investment system, at present, is the furnished rental. “It is still necessary to find the suitable formula, between furnished rental under mandate (entrusted to a real estate agent), seasonal furnished rental of the airbnb type, or even furnished furnished rental (senior or students)”admits the leader. “In order to finish selling construction programs that were eligible for Pinel, promoters“ pass ”the long -term furnished rental goods. The accommodation is then entrusted to a professional, such as a real estate agency, which generates, for the owner, rental management charges and a risk of vacancy which decrease the profitability of the investment ”develops Edouard Fourniau. According to his calculations, a property bought 200,000 euros, furnished for 5,000 euros, funded thanks to an contribution of 10,000 euros and a credit of 3.50% over 20 years, displays a profitability, net of charges and taxation, of 0.32%. A yield “Extremely reduced”he underlines.
On the other hand, as part of the managed LMNP, the management being delegated to a professional operator via a commercial lease, the charges are lower, notes the manager. And rental vacancy is zero because the rental risk is the responsibility of the operator. The investor indeed receives fixed rent, regardless of the occupancy rate of the property. In addition, the yield is optimized thanks to the signing of leases which transfer all or part of the charges to the tenant. “An investor can thus obtain up to 4.20% average return in a senior residence in new, and 4.6% in a tourist residence. In the old one, we arrive at 4.6% average yield for student residences and up to 5.5% for nursing homes»»specifies Edouard Fourniau. Another asset of the managed LMNP, it is not affected by the increase in taxation to resale, except for tourist residences. But, with annual average yields, net tax and tax benefit, between 0.05% and 1.40% for the LLI and the LMNP, “Not huge”SO, “Isn’t it more interesting to go to SCPIs (civil real estate investment companies or” paper stone “), which offer a net return of 2.5%?”wonder the two specialists.
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