{"id":956,"date":"2020-02-11T23:56:13","date_gmt":"2020-02-11T20:56:13","guid":{"rendered":"http:\/\/nalog.fr\/cscheck-list-pro-kupujici-co-je-treba-zjistit-pred-porizenim-komercni-nemovitosti-v-zahranici\/"},"modified":"2020-02-11T23:56:13","modified_gmt":"2020-02-11T20:56:13","slug":"cscheck-list-pro-kupujici-co-je-treba-zjistit-pred-porizenim-komercni-nemovitosti-v-zahranici","status":"publish","type":"post","link":"https:\/\/nalog.fr\/cs\/cscheck-list-pro-kupujici-co-je-treba-zjistit-pred-porizenim-komercni-nemovitosti-v-zahranici\/","title":{"rendered":"Check-list pro kupuj\u00edc\u00ed: co je t\u0159eba zjistit p\u0159ed po\u0159\u00edzen\u00edm komer\u010dn\u00ed nemovitosti v zahrani\u010d\u00ed"},"content":{"rendered":"<p>Kupuj\u00edc\u00ed nemovitosti v zahrani\u010d\u00ed se st\u00e1le \u010dast\u011bji vid\u00ed ji nejen jako bydlen\u00ed, ale i jako objekt pro v\u00fdhodn\u00e9 investovat finan\u010dn\u00ed prost\u0159edky, a to zejm\u00e9na v obdob\u00ed krize. Ve studii &#8222;\u0422\u0440\u0430\u043d\u0438\u043e&#8220; za rok 2014 investi\u010dn\u00ed atraktivity je pro rusy druh\u00fdm nejv\u00fdznamn\u011bj\u0161\u00edm faktorem p\u0159i n\u00e1kupu nemovitosti v zahrani\u010d\u00ed.<\/p>\n<p>Ve srovn\u00e1n\u00ed s po\u0159\u00edzen\u00edm pr\u00e1zdninov\u00e9 bydlen\u00ed investice do komer\u010dn\u00edch objekt\u016f vy\u017eadovat v\u00edce seri\u00f3zn\u00ed p\u0159\u00edstup a hlub\u0161\u00ed anal\u00fdzu. Chcete-li u\u0161et\u0159it \u010das a vyhnout se n\u00e1kladn\u00fdm chyb\u00e1m, p\u0159ed n\u00e1kupem je t\u0159eba zjistit z\u00e1kladn\u00ed parametry investi\u010dn\u00edho projektu:<\/p>\n<ul>\n<li>um\u00edst\u011bn\u00ed;<\/li>\n<li>rozpo\u010det;<\/li>\n<li>n\u00e1klady;<\/li>\n<li>funkce n\u00e1jemn\u00ed smlouvy;<\/li>\n<li>v\u00fdnos;<\/li>\n<li>rizika;<\/li>\n<li>financov\u00e1n\u00ed;<\/li>\n<li>mo\u017enosti \u0159\u00edzen\u00ed;<\/li>\n<li>strategie odchodu z projektu.<\/li>\n<\/ul>\n<h2>Um\u00edst\u011bn\u00ed<\/h2>\n<p>Od toho, do jak\u00e9 um\u00edst\u011bn\u00ed je objekt, do zna\u010dn\u00e9 m\u00edry z\u00e1vis\u00ed jeho v\u00fdnos, riziko a likvidita. Nap\u0159\u00edklad, spolehliv\u00e9 jsou pova\u017eov\u00e1ny za investice do velk\u00fdch m\u011bst v Rakousku, velk\u00e9 Brit\u00e1nii, N\u011bmecku, USA a Francii. Studuje informace o poloze objektu, stoj\u00ed za to v\u011bnovat pozornost nejen na zemi a m\u011bsto, ale i na to, v jak\u00e9m okrese se nach\u00e1z\u00ed nemovitost, a to:<\/p>\n<ul>\n<li>na infrastrukturu: nap\u0159\u00edklad p\u0159i investic\u00edch do bytov\u00e9 domy je d\u016fle\u017eit\u00e9, dostupnost parkov\u00e1n\u00ed v bl\u00edzkosti, stejn\u011b jako soci\u00e1ln\u00ed instituc\u00ed a obchod\u016f;<\/li>\n<li>na v\u00fdhody a vyhl\u00eddky jm\u00e9no: z\u00e1le\u017e\u00ed na tom, zda v budoucnu poroste n\u00e1klady na za\u0159\u00edzen\u00ed a p\u0159\u00edjem z pron\u00e1jmu;<\/li>\n<li>na dopravn\u00ed obslu\u017enost okresu: kde je nejbli\u017e\u0161\u00ed zast\u00e1vka ve\u0159ejn\u00e9 dopravy, je tam voln\u00fd p\u0159\u00edstup k d\u00e1lnic\u00edm, jak\u00e1 je vzd\u00e1lenost od hlavn\u00edch dopravn\u00edch uzl\u016f.<\/li>\n<\/ul>\n<h2>Rozpo\u010det<\/h2>\n<p>Obvykle kupci investuj\u00ed do komer\u010dn\u00edch nemovitost\u00ed v p\u0159\u00edtomnosti minim\u00e1ln\u011b 2,5 milion\u016f eur, proto\u017ee s men\u0161\u00ed \u010d\u00e1stkou, je t\u011b\u017ek\u00e9 naj\u00edt kvalitn\u00ed a \u043d\u0438\u0437\u043a\u043e\u0440\u0438\u0441\u043a\u043e\u0432\u0430\u043d\u043d\u044b\u0439 objekt. Z rozpo\u010dtu do zna\u010dn\u00e9 m\u00edry z\u00e1vis\u00ed na v\u00fdb\u011bru typu nemovitosti.<\/p>\n<\/p>\n<h3>Typy komer\u010dn\u00edch nemovitost\u00ed a jejich parametry<br \/>\n\u00dadaje Tranio (st\u0159edn\u00ed doporu\u010den\u00e9 ukazatele pro)*<\/h3>\n<table class=\"left\">\n<tr>\n<th>Typy<br \/>\nobjekty<\/th>\n<th>V\u00fdnos,<br \/>\n% ro\u010dn\u011b<\/th>\n<th>Term\u00edn<br \/>\nsmlouvy<br \/>\npron\u00e1jem<\/th>\n<th>V\u00fdhody<\/th>\n<th>Nev\u00fdhody<\/th>\n<\/tr>\n<tbody>\n<tr>\n<th colspan=\"5\"><strong>Od 300 tis\u00edc euro<\/strong><\/th>\n<\/tr>\n<tr>\n<td>Apartm\u00e1ny (kr\u00e1tkodob\u00fd pron\u00e1jem)<\/td>\n<td>5-7<\/td>\n<td>Od 1 dne<\/td>\n<td>Vysok\u00e1 likvidita; ve srovn\u00e1n\u00ed s dlouhodob\u00fdm pron\u00e1jmem \u2014 vy\u0161\u0161\u00ed v\u00fdnos a \u017e\u00e1dn\u00e9 probl\u00e9my s vyst\u011bhov\u00e1n\u00ed n\u00e1jemn\u00edk\u016f; v\u011bt\u0161\u00ed potenci\u00e1l r\u016fstu n\u00e1jemn\u00e9ho<\/td>\n<td>Rizika \u0159\u00edzen\u00ed a prostoj\u016f; ve srovn\u00e1n\u00ed s dlouhodob\u00fdm pron\u00e1jmem \u2014 rychlej\u0161\u00ed opot\u0159eben\u00ed<\/td>\n<\/tr>\n<tr>\n<td>Byt (dlouhodob\u00fd pron\u00e1jem)<\/td>\n<td>2-3<\/td>\n<td>Od 1 roku<\/td>\n<td>Vysok\u00e1 likvidita; vysok\u00e1 popt\u00e1vka ze strany n\u00e1jemc\u016f, stabiln\u00ed i b\u011bhem krize<\/td>\n<td>Rizika \u0159\u00edzen\u00ed a v\u00fdpadky, probl\u00e9my s vyst\u011bhov\u00e1n\u00ed n\u00e1jemn\u00edk\u016f<\/td>\n<\/tr>\n<tr>\n<td>Studentsk\u00e9 bydlen\u00ed<\/td>\n<td>4-6<\/td>\n<td>Od 6 m\u011bs\u00edc\u016f<\/td>\n<td>Vysok\u00e1 popt\u00e1vka ze strany n\u00e1jemc\u016f<\/td>\n<td>Ve srovn\u00e1n\u00ed s byty \u2014 ni\u017e\u0161\u00ed likvidita, je obt\u00ed\u017en\u00e9 p\u0159ev\u00e9st<\/td>\n<\/tr>\n<tr>\n<th colspan=\"5\"><strong>Od 2,5 milion\u016f eur<\/strong><\/th>\n<\/tr>\n<tr>\n<td>\u010cin\u017eovn\u00ed domy<\/td>\n<td>3-5<\/td>\n<td>Od 1 roku<\/td>\n<td>Vysok\u00e1 likvidita, potenci\u00e1l r\u016fstu kapitalizace<\/td>\n<td>N\u00edzk\u00e9 v\u00fdnosy, mnoho n\u00e1jemn\u00edk\u016f, probl\u00e9my s vyst\u011bhov\u00e1n\u00ed, je zapot\u0159eb\u00ed spr\u00e1vcovsk\u00e1 spole\u010dnost<\/td>\n<\/tr>\n<tr>\n<td>Pouli\u010dn\u00ed obchody<\/td>\n<td>3-4<\/td>\n<td>3-10 let<\/td>\n<td>Vysok\u00e1 likvidita, potenci\u00e1l r\u016fstu kapitalizace<\/td>\n<td>N\u00edzk\u00e9 v\u00fdnosy<\/td>\n<\/tr>\n<tr>\n<td>Supermarkety<\/td>\n<td>5-6,5<\/td>\n<td>12-15 let<\/td>\n<td>Vysok\u00fd v\u00fdnos, dlouh\u00e1 smlouvy<\/td>\n<td>\u010c\u00edm bl\u00ed\u017ee je term\u00edn ukon\u010den\u00ed smlouvy, t\u00edm ni\u017e\u0161\u00ed likvidita<\/td>\n<\/tr>\n<tr>\n<th colspan=\"5\"><strong>Od 10 milion\u016f eur<\/strong><\/th>\n<\/tr>\n<tr>\n<td>D\u016fm s pe\u010dovatelskou slu\u017ebou<\/td>\n<td>5-6,5<\/td>\n<td>20-25 let<\/td>\n<td>R\u016fst po\u010dtu d\u016fchodc\u016f, del\u0161\u00ed smlouvy<\/td>\n<td>Je t\u011b\u017ek\u00e9 p\u0159ev\u00e9st<\/td>\n<\/tr>\n<tr>\n<td>N\u00e1kupn\u00ed centra<\/td>\n<td>4-6<\/td>\n<td>5-15 let<\/td>\n<td>Vysok\u00fd v\u00fdnos<\/td>\n<td>Rizika \u0159\u00edzen\u00ed p\u0159i velk\u00e9m po\u010dtu n\u00e1jemn\u00edk\u016f<\/td>\n<\/tr>\n<tr>\n<td>Hotely<\/td>\n<td>4-6<\/td>\n<td>10-20 let<\/td>\n<td>Vysok\u00fd v\u00fdnos<\/td>\n<td>Je t\u011b\u017ek\u00e9 p\u0159ev\u00e9st<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>* Pr\u016fm\u011brn\u00e9 pro objekty:<\/p>\n<ul>\n<li>v bohat\u00fdch oblastech velk\u00fdch evropsk\u00fdch m\u011bst;<\/li>\n<li>nov\u00e9 za\u0159\u00edzen\u00ed nebo po oprav\u011b;<\/li>\n<li>n\u00e1jemn\u00e9 smlouvy na za\u010d\u00e1tku obdob\u00ed.<\/li>\n<\/ul>\n<h2>N\u00e1klady na n\u00e1kup a \u00fadr\u017ebu<\/h2>\n<p>P\u0159i pl\u00e1nov\u00e1n\u00ed rozpo\u010dtu stoj\u00ed za \u00favahu, \u017ee n\u00e1klady na zpracov\u00e1n\u00ed transakce tvo\u0159\u00ed od 5 do 20 % z ceny objektu v z\u00e1vislosti na typu nemovitosti, ceny, a typ transakce. K t\u011bmto v\u00fddaj\u016fm pat\u0159\u00ed not\u00e1\u0159sk\u00e9 slu\u017eby a n\u00e1klady na st\u00e1tn\u00ed registraci, da\u0148 na n\u00e1kup, provize zprost\u0159edkovatele a n\u00e1klady na postup ov\u011b\u0159en\u00ed pr\u00e1vn\u00ed \u010distoty transakce \u2014 Due Diligence.<\/p>\n<p>Krom\u011b toho, po zakoupen\u00ed majitele \u010dekaj\u00ed n\u00e1klady na \u00fadr\u017ebu: n\u00e1klady na slu\u017eby v oblasti \u0159\u00edzen\u00ed spole\u010dnosti, utility platby a opravy, poji\u0161t\u011bn\u00ed, stejn\u011b jako dan\u011b (da\u0148 z nemovitosti a firemn\u00ed dan\u011b). Investor\u016fm se doporu\u010duje v\u011bnovat pozornost na p\u0159\u00edtomnost v zemi, da\u0148ov\u00e9 \u00falevy a odpo\u010dty a podm\u00ednky jejich z\u00edsk\u00e1n\u00ed. Mohou v\u00fdrazn\u011b sn\u00ed\u017eit n\u00e1klady a zv\u00fd\u0161it zisk.<\/p>\n<p>To, jak\u00e9 n\u00e1klady nese vlastn\u00edk, a to, co \u2014 n\u00e1jemce, z\u00e1le\u017e\u00ed na typu n\u00e1jemn\u00ed smlouvy.<\/p>\n<h2>N\u00e1jemci a n\u00e1jemn\u00ed smlouva<\/h2>\n<p>P\u0159i studiu podm\u00ednek n\u00e1jmu je t\u0159eba zjistit, a) zda objekt, kter\u00fd je \u044f\u043a\u043e\u0440\u043d\u044b\u043c provozovatelem a jak\u00e1 je spolehlivost osoby nebo firmy, tvo\u0159\u00edc\u00edch prostor. Stoj\u00ed za to v\u011bnovat pozornost procento vykonan\u00fdch d\u00edl\u010d\u00edch ploch \u2014 v ide\u00e1ln\u00edm p\u0159\u00edpad\u011b pr\u016fm\u011brn\u00e9 ro\u010dn\u00ed obsazenosti kurzu by nem\u011bla b\u00fdt m\u00e9n\u011b ne\u017e 90 %.<\/p>\n<p>Tak\u00e9 je d\u016fle\u017eit\u00fd typ pron\u00e1jmu (od n\u011bj z\u00e1vis\u00ed objem v\u00fddaj\u016f na obsah, a tak, a velikost zisku).<\/p>\n<\/p>\n<h3>Typy pron\u00e1jmu<\/h3>\n<table class=\"left\" style=\"max-width:85%;\">\n<tr>\n<th>Typ leasingu<\/th>\n<th>Funkce<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td>Gross rent lease<\/td>\n<td>Majitel nemovitosti prov\u00e1d\u00ed v\u0161echny v\u00fdpo\u010dty za elekt\u0159inu, n\u00e1klady na opravy a provoz budovy, zaplat\u00ed za poji\u0161t\u011bn\u00ed, a (ob\u010das) dan\u011b<\/td>\n<\/tr>\n<tr>\n<td>N lease<br \/>(Single net lease)<\/td>\n<td>N\u00e1jemce hrad\u00ed pouze da\u0148 z nemovitost\u00ed, ostatn\u00ed n\u00e1klady nese majitel<\/td>\n<\/tr>\n<tr>\n<td>NN pron\u00e1jem<br \/>(Double net lease)<\/td>\n<td>N\u00e1jemce plat\u00ed dan\u011b a poji\u0161t\u011bn\u00ed<\/td>\n<\/tr>\n<tr>\n<td>NNN lease<br \/>(Triple net lease)<\/td>\n<td>Majitel p\u0159eb\u00edr\u00e1 od n\u00e1jemce poplatek &#8222;v troj\u00edm rozm\u011bru&#8220;, tj. bez ode\u010dten\u00ed dan\u00ed, poji\u0161t\u011bn\u00ed a n\u00e1klady na \u00fadr\u017ebu (tyto n\u00e1klady podle smlouvy nese n\u00e1jemce)<\/td>\n<\/tr>\n<tr>\n<td>Absolute NNN lease<\/td>\n<td>V\u0161echny n\u00e1klady nese n\u00e1jemce, a to i v tom p\u0159\u00edpad\u011b, pokud bude budova po\u0161kozena p\u0159i p\u0159\u00edrodn\u00ed katastrof\u011b a bude pot\u0159ebovat \u010d\u00e1ste\u010dnou \u0440\u0435\u0434\u0435\u0432\u0435\u043b\u043e\u043f\u043c\u0435\u043d\u0442<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Pro investory, nejv\u00edce ziskov\u00e9 posledn\u00ed dva typy smluv: p\u0159i jejich uzav\u00edr\u00e1n\u00ed n\u00e1klady na \u00fadr\u017ebu nemovitosti ze strany vlastn\u00edka minim\u00e1ln\u00ed.<\/p>\n<p>Je t\u0159eba tak\u00e9 p\u0159edem ur\u010dit dobu trv\u00e1n\u00ed n\u00e1jemn\u00ed smlouvy. To do zna\u010dn\u00e9 m\u00edry z\u00e1vis\u00ed na ochot\u011b investora podstoupit riziko: nap\u0159\u00edklad, pokud to nen\u00ed p\u0159ipraven ztratit n\u00e1jemce, pak s nejv\u011bt\u0161\u00ed pravd\u011bpodobnost\u00ed, \u0432\u043b\u043e\u0436\u0438\u0442\u0441\u044f v objektu s dlouhodob\u00fdmi \u0430\u0440\u0435\u043d\u0434\u043d\u044b\u043c\u0438 smluv. A naopak, kdy\u017e je toto riziko pro investora p\u0159ijateln\u00fd, bude se pova\u017eovat, jako mo\u017enosti nemovitosti s vhodnou do konce, nebo kr\u00e1tkodob\u011b \u0430\u0440\u0435\u043d\u0434\u043d\u044b\u043c smlouvou.<\/p>\n<h2>V\u00fdnos<\/h2>\n<p>Pod v\u00fdnosem, m\u016f\u017ee b\u00fdt konkludentn\u00ed absolutn\u00ed ro\u010dn\u00ed p\u0159\u00edjem, cash flow, provozn\u00ed zisk, m\u00edra kapitalizace, r\u016fst n\u00e1klad\u016f, cash-on-cash n\u00e1vratnost INVESTIC, a IRR. Je d\u016fle\u017eit\u00e9 pochopit, o jak\u00fd druh v\u00fdnosu vede \u0159e\u010d prod\u00e1vaj\u00edc\u00ed. Nap\u0159\u00edklad, jak ukazuje p\u0159\u00edklad n\u00ed\u017ee, IRR m\u016f\u017ee \u010dinit a\u017e 9 %, zat\u00edmco m\u00edra kapitalizace se rovn\u00e1 5,5 %.<\/p>\n<\/p>\n<h3>Data pro p\u0159\u00edklad<\/h3>\n<table class=\"left\">\n<tbody>\n<tr>\n<th><strong>Hodnota objektu<\/strong>\n<\/th>\n<td>10 milion\u016f eur<\/td>\n<\/tr>\n<tr>\n<td><strong>N\u00e1klady na n\u00e1kup<\/strong><\/td>\n<td>1 milion euro<\/td>\n<\/tr>\n<tr>\n<td><strong>Investice<\/strong><\/td>\n<td>5 milion\u016f eur<\/td>\n<\/tr>\n<tr>\n<td><strong>LTV<\/strong><\/td>\n<td>60 %<\/td>\n<\/tr>\n<tr>\n<td><strong>\u00darok z p\u016fj\u010dky<\/strong><\/td>\n<td>2,4 %<\/td>\n<\/tr>\n<tr>\n<td><strong>N\u00e1jemn\u00ed p\u0159\u00edjem<\/strong><\/td>\n<td>650 tis\u00edc eur ro\u010dn\u011b<\/td>\n<\/tr>\n<tr>\n<td><strong>Provozn\u00ed n\u00e1klady<\/strong><\/td>\n<td>100 tis\u00edc eur ro\u010dn\u011b<\/td>\n<\/tr>\n<tr>\n<td><strong>R\u016fst n\u00e1klad\u016f<\/strong><\/td>\n<td>2 % ro\u010dn\u011b<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Typy v\u00fdnosu<\/h3>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Typ v\u00fdnosu<\/th>\n<th>Definice a metoda v\u00fdpo\u010dtu<\/th>\n<th>P\u0159\u00edklad<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Absolutn\u00ed ro\u010dn\u00ed p\u0159\u00edjem<\/strong><\/td>\n<td>To, kolik p\u0159in\u00e1\u0161\u00ed pron\u00e1jem nemovitost\u00ed ro\u010dn\u011b, p\u0159ed ode\u010dten\u00edm provozn\u00edch n\u00e1klad\u016f, spl\u00e1tky hypot\u00e9ky a dan\u011b<\/td>\n<td>V tomto p\u0159\u00edkladu objekt stoj\u00ed 10 milion\u016f eur generuje absolutn\u00ed ro\u010dn\u00ed p\u0159\u00edjmy ve v\u00fd\u0161i <strong>650 tis\u00edc eur<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u010cist\u00fd provozn\u00ed zisk<\/strong><\/td>\n<td>Absolutn\u00ed ro\u010dn\u00ed p\u0159\u00edjmy po ode\u010dten\u00ed provozn\u00edch n\u00e1klad\u016f<\/td>\n<td>Pokud real estate p\u0159in\u00e1\u0161\u00ed 650 tis\u00edc eur ro\u010dn\u011b a provozn\u00ed n\u00e1klady tvo\u0159\u00ed 100 tis\u00edc eur ro\u010dn\u011b, tak\u017ee \u010dist\u00fd provozn\u00ed zisk se bude rovnat <strong>550 tis\u00edc eur<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u010cist\u00fd pen\u011b\u017en\u00ed tok<\/strong><\/td>\n<td>Ro\u010dn\u00ed zisk s ohledem na provozn\u00ed n\u00e1klady a spl\u00e1tky hypot\u00e9ky, p\u0159ed zdan\u011bn\u00edm<\/td>\n<td>Ve v\u00fd\u0161e uveden\u00e9m p\u0159\u00edkladu \u010dist\u00fd pen\u011b\u017en\u00ed tok se rovn\u00e1 <strong>300 tis\u00edc eur<\/strong> ro\u010dn\u011b (650 tis\u00edc (n\u00e1jemn\u00ed p\u0159\u00edjem) &#8211; 100 tis\u00edc (provozn\u00ed n\u00e1klady) &#8211; 250 tis\u00edc (spl\u00e1tky hypot\u00e9ky))<\/td>\n<\/tr>\n<tr>\n<td><strong>M\u00edra kapitalizace<\/strong><br \/>\n(cap rate)<\/td>\n<td>Pom\u011br \u010dist\u00e9ho provozn\u00edho zisku k hodnot\u011b objektu<\/td>\n<td>Je-li \u010dist\u00fd provozn\u00ed zisk \u010din\u00ed 550 tis\u00edc eur za rok, a majetek v hodnot\u011b 10 milion\u016f eur, pak je m\u00edra aktivace \u2014 <strong>5,5 %<\/strong> ro\u010dn\u011b<\/td>\n<\/tr>\n<tr>\n<td><strong>R\u016fst n\u00e1klad\u016f<\/strong><\/td>\n<td>Ukazuje, na kolik procent ro\u010dn\u011b (progn\u00f3za) poroste cena nemovitost\u00ed<\/td>\n<td>Ve v\u00fd\u0161e uveden\u00e9m p\u0159\u00edkladu r\u016fstu ceny je <strong>2 %<\/strong> ro\u010dn\u011b<\/td>\n<\/tr>\n<tr>\n<td><strong>Cash-on-cash n\u00e1vratnost INVESTIC<\/strong><br \/>\n(Return on Investment, koeficient v\u00fdnosnosti investovan\u00e9ho kapit\u00e1lu)<\/td>\n<td>Tento \u00fadaj je ro\u010dn\u00ed \u010dist\u00e9 m\u011bnov\u00e9 toku, \u0434\u0435\u043b\u0435\u043d\u043d\u043e\u043c\u0443 na investovan\u00e9 prost\u0159edky<\/td>\n<td>Ve v\u00fd\u0161e uveden\u00e9m p\u0159\u00edkladu cash-on-cash n\u00e1vratnost INVESTIC \u010din\u00ed <strong>6 %<\/strong> ro\u010dn\u011b (300 tis\u00edc (\u010dist\u00fd cash flow) \/ 5m (investovan\u00e9 prost\u0159edky))<\/td>\n<\/tr>\n<tr>\n<td><strong>IRR<\/strong><br \/>\n(Internal Rate of Return)<\/td>\n<td>Se vypo\u010d\u00edt\u00e1 na z\u00e1klad\u011b v\u0161ech ukazatel\u016f cash flow za cel\u00e9 obdob\u00ed projektu<\/td>\n<td>Pokud je objekt z v\u00fd\u0161e uveden\u00e9ho p\u0159\u00edkladu do 10 let generuje cash-flow 300 tis\u00edc euro, a pak investor prod\u00e1v\u00e1 za 12 milion\u016f euro, IRR dos\u00e1hne <strong>9 % <\/strong>ro\u010dn\u011b<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Rizika<\/h2>\n<p>Riziko \u2014 je pravd\u011bpodobnost ztr\u00e1t v d\u016fsledku jak\u00fdchkoli zm\u011bn. \u010c\u00edm v\u011bt\u0161\u00ed je \u0161ance, \u017ee se stane jakousi negativn\u00ed ud\u00e1lost, t\u00edm v\u011bt\u0161\u00ed je riziko. Pokud investor chce z\u00edskat v\u011bt\u0161\u00ed v\u00fdnos, mus\u00ed b\u00fdt p\u0159ipraven p\u0159ijmout v\u011bt\u0161\u00ed riziko. Nap\u0159\u00edklad na kl\u00ed\u010dov\u00e9m kancel\u00e1\u0159sk\u00e1 trhu \u2014 v centru Lond\u00fdna \u2014 popt\u00e1vka p\u0159evy\u0161uje nab\u00eddku, a to vede k poklesu v\u00fdnos\u016f v segmentu (sazba \u2014 cca 4 %). Ve stejn\u00e9 dob\u011b na trh kancel\u00e1\u0159\u00ed v m\u00e9n\u011b vyhled\u00e1van\u00fd oblastech d\u00e1v\u00e1 investorovi mnohem v\u011bt\u0161\u00ed v\u00fdnos (nap\u0159. v Liverpoolu \u2014 7 %) p\u0159i m\u00edrn\u011b \u043f\u043e\u0432\u044b\u0441\u0438\u0432\u0448\u0435\u043c\u0441\u044f riziku.<\/p>\n<h2>Financov\u00e1n\u00ed<\/h2>\n<p>V n\u011bkter\u00fdch p\u0159\u00edpadech investo\u0159i berou \u00fav\u011br na n\u00e1kup komer\u010dn\u00edch nemovitost\u00ed. Tato mo\u017enost je v\u00fdhodn\u00e1 t\u00edm, \u017ee \u00fav\u011br je p\u00e1kou zv\u00fd\u0161en\u00ed ziskovosti. T\u011bm, kte\u0159\u00ed se rozhodli vyu\u017e\u00edt bankovn\u00edm financov\u00e1n\u00edm, stoj\u00ed za to zjistit, na jak\u00e9 podm\u00ednky m\u016f\u017eete o\u010dek\u00e1vat, \u017ee:<\/p>\n<ul>\n<li>jak\u00e1 je velikost \u00fav\u011bru v porovn\u00e1n\u00ed s n\u00e1klady na objekt (Loan-To-Value Ratio, nebo LTV);<\/li>\n<li>jak\u00e1 je \u00farokov\u00e1 sazba;<\/li>\n<li>jak\u00e1 je v\u00fdp\u016fj\u010dn\u00ed lh\u016fty;<\/li>\n<li>jak\u00fd je poplatek za poskytnut\u00ed \u00fav\u011bru.<\/li>\n<\/ul>\n<p>P\u0159i n\u00e1kupu investice do nemovitost\u00ed v N\u011bmecku dlu\u017en\u00edk m\u016f\u017ee o\u010dek\u00e1vat, \u017ee \u00fav\u011br ve v\u00fd\u0161i 60 % z ceny objektu pod 2 % ro\u010dn\u011b. P\u0159i pron\u00e1jmu v\u00fdnosy objektu 6,5 % v\u00fdnos investic s ohledem na \u00fav\u011br m\u016f\u017ee dos\u00e1hnout 8-10 %.<\/p>\n<p>            <b class=\"citation-author-name\">Ji\u0159\u00ed \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432<\/b><\/p>\n<p> Gener\u00e1ln\u00ed \u0159editel a zakladatel Tranio<\/p>\n<h2>\u0158\u00edzen\u00ed<\/h2>\n<p>&#8222;Dobr\u00fd management je podobn\u00fd jako na vynikaj\u00edc\u00ed ob\u011bd v restauraci: j\u00eddlo kr\u00e1sn\u00e9 na pohled a chu\u0165, a \u010d\u00ed\u0161n\u00edci opatrn\u00ed a n\u00e1pomocn\u00ed. Hlavn\u00ed v\u011bc \u2014 je v\u00e1m naprosto nejde o nic starat&#8220;,\u2014 p\u00ed\u0161e Craig Coppola (Craig Coppola), makl\u00e9\u0159 pro komer\u010dn\u00ed nemovitosti v USA.<\/p>\n<p>Jist\u011b, majitel m\u016f\u017ee dop\u0159\u00e1t ovl\u00e1d\u00e1n\u00edm sami, ale v\u00fdhodn\u011bj\u0161\u00ed najmout firmu, \u0441\u043f\u0435\u0446\u0438\u0430\u043b\u0438\u0437\u0438\u0440\u0443\u044e\u0449\u0443\u044e\u0441\u044f na spr\u00e1vu nemovitost\u00ed, proto\u017ee to v\u00e1m pom\u016f\u017ee u\u0161et\u0159it \u010das majitele objektu.<\/p>\n<h2>Exit strategii a na\u010dasov\u00e1n\u00ed investice<\/h2>\n<p>Existuj\u00ed dv\u011b strategie odchodu z investi\u010dn\u00edho projektu \u2014 p\u0159enos v rodin\u00e1ch a prodej.<\/p>\n<ul>\n<li><strong>P\u0159evod majetku d\u011bd\u011bn\u00edm<\/strong>. S l\u00e9ty se n\u00e1klady na nemovitosti roste, a na jeden a tent\u00fd\u017e objekt m\u016f\u017ee b\u00fdt ve vlastnictv\u00ed jedn\u00e9 rodiny v\u00edce ne\u017e 100 let. Tak\u017ee dohoda by m\u011bla b\u00fdt strukturov\u00e1na tak, aby majetek bylo mo\u017en\u00e9 p\u0159ev\u00e9st v rodin\u00e1ch s minimem da\u0148ov\u00fdch ztr\u00e1t. Nap\u0159\u00edklad ve Francii je v\u00fdhodn\u00e9 zajistit nemovitost\u00ed na ob\u010danskou spole\u010dnost za transakce s nemovitostmi (SCI) \u2014 v takov\u00e9m p\u0159\u00edpad\u011b chyb\u00ed dan\u011b d\u011bdick\u00e9 a darovac\u00ed.<\/li>\n<li><strong>Prodej<\/strong>. Obvykl\u00e1 doba vlastnictv\u00ed p\u0159\u00edjmov\u00e9 nemovitost\u00ed na prodej \u2014 10-20 let, ale jsou situace, kdy majitel mus\u00ed vystoupit z investi\u010dn\u00edho projektu d\u0159\u00edve, tak\u017ee objekt mus\u00ed b\u00fdt likvidn\u00ed, tedy tak, aby jej bylo mo\u017en\u00e9 prodat rychle (za 2-4 m\u011bs\u00edce) bez velk\u00e9 ztr\u00e1ty hodnoty. To je dosa\u017eeno prost\u0159ednictv\u00edm n\u00e1kupu nemovitost\u00ed v pr\u00e9miov\u00fdch m\u00edstech, \u043c\u043d\u043e\u0433\u043e\u0432\u0430\u0440\u0438\u0430\u043d\u0442\u043d\u043e\u0441\u0442\u0438 vyu\u017eit\u00ed objektu, atd.<\/li>\n<\/ul>\n<h2>Z\u00e1v\u011br<\/h2>\n<p>Kompetentn\u00ed posouzen\u00ed v\u0161ech pozic v tomto check-listu, vyr\u00e1b\u011bn\u00e9 p\u0159ed n\u00e1kupem nemovitosti, pom\u016f\u017ee zajistit investice do nemovitost\u00ed. 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