"Pay less tax in accordance with the law", "June 26, do still you only 185 days to reduce your taxes"... formulas do not lack to attract individuals. Despite the recent decline in the scale of the income tax, the French remain always love of investments for tax exemption. In the matter, real estate in metropolitan France or in the tropics provides a wide choice of tax cores: plan of the landlord in rental professional or not, depreciation Robien refocused or Borloo, rural revitalization zone and act Girardin. Not forgetting the classics plans Malraux or historical monuments related to the renovation of the former.
"The major risk is to make the tax benefit essential choices, then it should only be the icing on the cake," said Mr. Pascal Julien St-Amand, notary in le Vésinet. Even doped by the generosity of the tax authorities, a poor investment will remain the. As Bercy often provides a scheme of favour in return of a risk of non-trivial operation. For example, to attract visitors in the areas of rural revitalization (ZRR), while 80 of tourists concentrate on 20 of the metropolitan territory. Or to boost the economy of the overseas, when tax reductions for taxpayers. For such investments, vigilance is not only to last entry, but during detention, and especially in the "output".
The mirages of the tropics
Since 20 years, taxpayers are encouraged to invest overseas. Several laws are followed. Still in force, the Girardin Act seeks to ensure the grain by introducing a price ceiling for the sale of rental housing height programs of which the investor is allowed to exempt. At the end of the minimum period of detention, this well became former is concurrencé by the new products with tax benefits. Lack of power the sell, number of owners in the DOM - TOM retain this asset they have typically overpaid for the purchase! One of the loopholes is to try to offer seasonal rental, which requires remote management.
Almost every Minister of housing has left behind a statute dedicated to investment in rental housing. If small surfaces inherited Méhaignerie device belong to the past, the excesses of the Robien device gave rise a refocused regime and the Borloo device. "Is that there is a supply of products défiscalisants sometimes disconnected from the reality of the market and generating an overproduction in remote areas of the areas where housing needs focus", noted experts from Credit Foncier in their latest study.
Rental housing in too
The excess supply key mainly medium-sized cities (Agen, Valencia, Montauban, Tarbes, Quimper, Saint-Brieuc, Angoulême, Mulhouse, Niort,...). Many goods destined for the lease remain empty for months, this imbalance investors funding plan. They have no more practice discounts of rent, or sell off their property to a property accessing. In Aquitaine and Poitou Charentes for example, by studying 17 operations in Robien, Crédit Foncier assessed 15 the right markup between the price of marketing of the transactions to tax exemption and those in the market. For half of the programs studied, this gap climbed even up to 20, or even 38!
Even if they have changed name, some "promoters plural" controlling the entire string, the launch of programs up to the marketing to the public and their rental management, flow thousands of rental units per year. And this, without first checking the importance of rental demand.
"Operations entirely dedicated to investors, we prefer programs both to donors and to homebuyers," said Daniel Znaty, real estate Director at the Union financial of France. This mix of customer allows investors to make an investment in the market price and be assured of the proper maintenance of the building on the duration.
Sometimes developers entrust the commercialization of their programs to external networks and heritage managers. Anxious to collect their commission, these intermediates are helpful to customers on the sale on plan. But do not always provide after-sales service. "The monitoring of the real estate acquisitions is based on the initiative of the client", explains Christine Vassal-Largy, Director General of thesaurus. Result: If a company abandons a site without having completed it, sometimes that customers are even not aware. And this, despite the signing of a three-year contract for "real estate operations monitoring" costing them a few hundred euros per property!
Each link in the chain of the real estate investment account and the quality of the operator is a major criterion. Leader in the management of the residences of tourism, Pierre & Vacances handles 160,000 beds in France and 50,000 abroad. "Given our mode of distribution, almost a resident on two comes from Europe, which optimizes our programs fill rate", explains Gérard Brémond, CEO of Pierre & Vacances. This heavy weight is followed by the Lagrange (48.000 beds under management) group and Odalys (40,000 beds under management), according to SNRT (national Union of the residences of tourism).
Buy nine housing located in a residence of tourism to reclaim the VAT. For what, the owner must keep the property for 20 years. If such is not the case, it must repay VAT pro rata temporis to the tax administration. The bad another possible surprise concerns the shortcomings of the commercial lease by the investor. If at the end of the nine or eleven years of the lease commercial, he does the not renew, it is exposed to pay to the operator an eviction allowance.
Still rare, examples are State of compensation varying between one and two years turnover by housing, including the investor takes the total enjoyment. With the arrival of the next term of the commercial leases of the residences of tourism apartments sold in the device Périssol, there is no doubt that the disputes on the renewal will multiply. However, number of properties have been sold without that customers should be advised of this constraint.