{"id":965,"date":"2020-02-12T00:01:37","date_gmt":"2020-02-11T21:01:37","guid":{"rendered":"http:\/\/nalog.fr\/csjak-si-vybrat-strategii-investovani-do-nemovitosti\/"},"modified":"2020-02-12T00:01:37","modified_gmt":"2020-02-11T21:01:37","slug":"csjak-si-vybrat-strategii-investovani-do-nemovitosti","status":"publish","type":"post","link":"https:\/\/nalog.fr\/cs\/csjak-si-vybrat-strategii-investovani-do-nemovitosti\/","title":{"rendered":"Jak si vybrat strategii investov\u00e1n\u00ed do nemovitost\u00ed"},"content":{"rendered":"

Mnoho investor\u016f investovat prost\u0159edky do nemovitost\u00ed, usiluj\u00ed o vysok\u00fd v\u00fdnos. Nicm\u00e9n\u011b ne ka\u017ed\u00fd si uv\u011bdomuje, \u017ee velk\u00e1 po\u010d\u00e1te\u010dn\u00ed v\u00fdnos znamen\u00e1 v\u011bt\u0161\u00ed rizika, je pravd\u011bpodobn\u00e9, \u017ee pokles p\u0159\u00edjm\u016f v dlouhodob\u00e9m horizontu.<\/p>\n

Doporu\u010dujeme z\u00e1kazn\u00edk\u016fm p\u0159edem vyhodnotit rizika a promyslet strategii investov\u00e1n\u00ed s optim\u00e1ln\u00ed rovnov\u00e1hou v\u00fdnos, spolehlivost, pr\u00e1ce a dal\u0161\u00ed faktory efektivnosti investice. V\u011bt\u0161ina z\u00e1kazn\u00edk\u016f Tranio vhodn\u00fd jednoduch\u00fd leasingu podnik\u00e1n\u00ed na stabiln\u00ed um\u00edst\u011bn\u00ed, s dlouhodob\u00fdm \u0430\u0440\u0435\u043d\u0434\u043d\u044b\u043c smlouvou a ovl\u00e1d\u00e1n\u00edm p\u0159es spr\u00e1vcovskou spole\u010dnost. V tomto \u010dl\u00e1nku se pod\u00edv\u00e1me na to, jak zajistit co nejlep\u0161\u00ed v\u00fdnos p\u0159i takov\u00e9 strategie.<\/p>\n

Pro\u010d jednoduch\u00fd leasingu obchodn\u00ed<\/h2>\n

Typick\u00e9 investo\u0159i, kte\u0159\u00ed vyu\u017e\u00edvaj\u00ed slu\u017eeb Tranio,\u2014 \u00fasp\u011b\u0161n\u00ed podnikatel\u00e9 z Ruska, Braz\u00edlie, \u00cdr\u00e1nu nebo \u010c\u00edny. Jako obvykle doma maj\u00ed aktivn\u00ed obchod, kter\u00fd p\u0159in\u00e1\u0161\u00ed z\u00e1kladn\u00ed zisk. Od nemovitosti rad\u011bji dost\u00e1vat pasivn\u00ed p\u0159\u00edjem s minim\u00e1ln\u00ed \u0432\u043e\u0432\u043b\u0435\u0447\u0435\u043d\u043d\u043e\u0441\u0442\u044c\u044e v \u0159\u00edzen\u00ed. Je to investice ani tak kv\u016fli zisku, kolik s c\u00edlem udr\u017eet kapit\u00e1l a chr\u00e1nit ji od politick\u00fdch a ekonomick\u00fdch rizik jeho zem\u011b.<\/p>\n

V\u011bt\u0161ina z\u00e1kazn\u00edk\u016f nem\u00e1 v pl\u00e1nu prod\u00e1vat sv\u00e9 \u0434\u043e\u0445\u043e\u0434\u043d\u0443\u044e nemovitosti v kr\u00e1tkodob\u00e9m horizontu. Tato nemovitost nab\u00edz\u00ed investor\u016fm osobn\u00ed penzijn\u00ed fond a slou\u017e\u00ed z\u00e1rukou finan\u010dn\u00ed pohody jejich d\u011bt\u00ed. Je\u0161t\u011b jeden d\u016fle\u017eit\u00fd motiv \u2014 pohled na karty v USA nebo Evropsk\u00fdch zem\u00edch, kter\u00e9 poskytuj\u00ed takovou p\u0159\u00edle\u017eitost kupuj\u00edc\u00ed nemovitost\u00ed.<\/p>\n

Na\u0161im investor\u016fm obvykle nejsou vhodn\u00e9 projekty p\u0159idan\u00e9 hodnoty \u2014 stavebnictv\u00ed nebo \u0440\u0435\u0434\u0435\u0432\u0435\u043b\u043e\u043f\u043c\u0435\u043d\u0442. Investice do nich jsou spojeny s vysok\u00fdm rizikem, u nich\u017e p\u0159ekro\u010den\u00ed odhadu, pot\u00ed\u017ee s \u00fapravou licen\u010dn\u00edch dokument\u016f, p\u0159eplatek kupn\u00ed cena a dlouh\u00e9 hled\u00e1n\u00ed kupuj\u00edc\u00edho. Od investora vy\u017eaduje aktivn\u00ed \u00fa\u010dast v projektu a ur\u010dit\u00e1 kvalifikace ve stavebnictv\u00ed. Projekty city developmentu \u00fa\u010dinn\u00e9 jako z\u00e1kladn\u00ed druh \u010dinnosti, a ne jako n\u00e1stroj zachov\u00e1n\u00ed kapit\u00e1lu.<\/p>\n

Tak\u017ee, \u043d\u0435\u043f\u0440\u043e\u0444\u0438\u043b\u044c\u043d\u044b\u043c investor\u016fm doporu\u010dujeme jednoduch\u00fd leasingu podnik\u00e1n\u00ed: koupit nemovitost a pronaj\u00edmat. To \u043d\u0438\u0437\u043a\u043e\u0440\u0438\u0441\u043a\u043e\u0432\u0430\u043d\u043d\u0430\u044f a jednoduch\u00e1 na realizaci strategie.<\/p>\n

Rozpo\u010det a typy objekt\u016f<\/h2>\n

Doporu\u010dujeme zv\u00e1\u017eit investice do nemovitost\u00ed s rozpo\u010dtem od 200 tis. euro. Levn\u011bj\u0161\u00ed, s vz\u00e1cnou v\u00fdjimkou, je obt\u00ed\u017en\u00e9 koupit likvidn\u00ed objekt. V tomto segmentu doporu\u010dujeme koupit obytn\u00e9 apartm\u00e1ny. Mezi jejich v\u00fdhody \u2014 vysok\u00e1 likvidita a stabiln\u00ed popt\u00e1vka.<\/p>\n

P\u0159i rozpo\u010dtu p\u0159es 2,5 milion\u016f eur stoj\u00ed za to se orientovat na komer\u010dn\u00ed objekty \u2014 v prvn\u00ed \u0159ad\u011b obchodn\u00ed real estate a d\u016fm s pe\u010dovatelskou slu\u017ebou.<\/p>\n

Bez ohledu na rozpo\u010det, 50-60 % n\u00e1klad\u016f na projekt, obvykle si m\u016f\u017eete p\u016fj\u010dit tak, \u017ee investice do \u0434\u043e\u0445\u043e\u0434\u043d\u0443\u044e nemovitost\u00ed m\u016f\u017eete za\u010d\u00edt se 100 tis\u00edc eur vlastn\u00edch prost\u0159edk\u016f.<\/p>\n<\/p>\n

Typy komer\u010dn\u00edch nemovitost\u00ed a jejich parametry
\n\u00dadaje Tranio (st\u0159edn\u00ed doporu\u010den\u00e9 ukazatele pro)*<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Typy
\nobjekty<\/th>\n		V\u00fdnos,
\n% ro\u010dn\u011b<\/th>\n		Term\u00edn
\nsmlouvy
\npron\u00e1jem<\/th>\n		V\u00fdhody<\/th>\nNev\u00fdhody<\/th>\n<\/tr>\n
Od 300 tis\u00edc euro<\/strong><\/th>\n<\/tr>\n
Apartm\u00e1ny (kr\u00e1tkodob\u00fd pron\u00e1jem)<\/td>\n5-7<\/td>\nOd 1 dne<\/td>\nVysok\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>\nRizika \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
Byt (dlouhodob\u00fd pron\u00e1jem)<\/td>\n2-3<\/td>\nOd 1 roku<\/td>\nVysok\u00e1 likvidita; vysok\u00e1 popt\u00e1vka ze strany n\u00e1jemc\u016f, stabiln\u00ed i b\u011bhem krize<\/td>\nRizika \u0159\u00edzen\u00ed a v\u00fdpadky, probl\u00e9my s vyst\u011bhov\u00e1n\u00ed n\u00e1jemn\u00edk\u016f<\/td>\n<\/tr>\n
Studentsk\u00e9 bydlen\u00ed<\/td>\n4-6<\/td>\nOd 6 m\u011bs\u00edc\u016f<\/td>\nVysok\u00e1 popt\u00e1vka ze strany n\u00e1jemc\u016f<\/td>\nVe srovn\u00e1n\u00ed s byty \u2014 ni\u017e\u0161\u00ed likvidita, je obt\u00ed\u017en\u00e9 p\u0159ev\u00e9st<\/td>\n<\/tr>\n
Od 2,5 milion\u016f eur<\/strong><\/th>\n<\/tr>\n
\u010cin\u017eovn\u00ed domy<\/td>\n3-5<\/td>\nOd 1 roku<\/td>\nVysok\u00e1 likvidita, potenci\u00e1l r\u016fstu kapitalizace<\/td>\nN\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
Pouli\u010dn\u00ed obchody<\/td>\n3-4<\/td>\n3-10 let<\/td>\nVysok\u00e1 likvidita, potenci\u00e1l r\u016fstu kapitalizace<\/td>\nN\u00edzk\u00e9 v\u00fdnosy<\/td>\n<\/tr>\n
Supermarkety<\/td>\n5-6,5<\/td>\n12-15 let<\/td>\nVysok\u00fd v\u00fdnos, dlouh\u00e1 smlouvy<\/td>\n\u010c\u00edm bl\u00ed\u017ee je term\u00edn ukon\u010den\u00ed smlouvy, t\u00edm ni\u017e\u0161\u00ed likvidita<\/td>\n<\/tr>\n
Od 10 milion\u016f eur<\/strong><\/th>\n<\/tr>\n
D\u016fm s pe\u010dovatelskou slu\u017ebou<\/td>\n5-6,5<\/td>\n20-25 let<\/td>\nR\u016fst po\u010dtu d\u016fchodc\u016f, del\u0161\u00ed smlouvy<\/td>\nJe t\u011b\u017ek\u00e9 p\u0159ev\u00e9st<\/td>\n<\/tr>\n
N\u00e1kupn\u00ed centra<\/td>\n4-6<\/td>\n5-15 let<\/td>\nVysok\u00fd v\u00fdnos<\/td>\nRizika \u0159\u00edzen\u00ed p\u0159i velk\u00e9m po\u010dtu n\u00e1jemn\u00edk\u016f<\/td>\n<\/tr>\n
Hotely<\/td>\n4-6<\/td>\n10-20 let<\/td>\nVysok\u00fd v\u00fdnos<\/td>\nJe t\u011b\u017ek\u00e9 p\u0159ev\u00e9st<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

* Pr\u016fm\u011brn\u00e9 pro objekty:<\/p>\n

    \n
  • v bohat\u00fdch oblastech velk\u00fdch evropsk\u00fdch m\u011bst;<\/li>\n
  • nov\u00e9 za\u0159\u00edzen\u00ed nebo po oprav\u011b;<\/li>\n
  • n\u00e1jemn\u00e9 smlouvy na za\u010d\u00e1tku obdob\u00ed.<\/li>\n<\/ul>\n

    \u041b\u043e\u043a\u0430\u0446\u0438\u044f<\/h2>\n

    Um\u00edst\u011bn\u00ed objektu p\u0159\u00edmo z\u00e1vis\u00ed riziko a v\u00fdnos investic. Doporu\u010dujeme investovat do zem\u011b s rozvinutou ekonomikou a stabiln\u00edm politick\u00fdm syst\u00e9mem. Nejni\u017e\u0161\u00ed rizik se li\u0161\u00ed Rakousko, velk\u00e1 Brit\u00e1nie, N\u011bmecko, USA, Francie a \u0160v\u00fdcarsko: v t\u011bchto zem\u00edch m\u00e9n\u011b jen pravd\u011bpodobnost hyperinflace, p\u00e1du n\u00e1rodn\u00ed m\u011bny a sn\u00ed\u017een\u00ed HDP.<\/p>\n

    V\u011bt\u0161ina rusk\u00fdch z\u00e1kazn\u00edk\u016f d\u00e1v\u00e1 p\u0159ednost N\u011bmecka z d\u016fvodu geografick\u00e9 bl\u00edzkosti, ale tak\u00e9 proto, \u017ee ve srovn\u00e1n\u00ed s ostatn\u00edmi uveden\u00fdmi zem\u011bmi v\u00fdnosy v N\u011bmecku, je trochu v\u011bt\u0161\u00ed, lep\u0161\u00ed \u00fav\u011brov\u00e9 podm\u00ednky, a dan\u00ed trochu n\u00ed\u017ee. Ale ostatn\u00ed zem\u011b z tohoto seznamu je taky zaj\u00edmav\u00e1: nap\u0159\u00edklad, n\u011bkte\u0159\u00ed investo\u0159i se rozhodnou USA, proto\u017ee tam o\u010dek\u00e1vaj\u00ed v\u011bt\u0161\u00ed tr\u017en\u00ed kapitalizace, jin\u00ed se ob\u00e1vaj\u00ed oslaben\u00ed n\u011bmeck\u00e9 ekonomiky v d\u016fsledku politick\u00fdch ud\u00e1lost\u00ed, a je\u0161t\u011b jin\u00ed z\u00edsk\u00e1vaj\u00ed \u0434\u043e\u0445\u043e\u0434\u043d\u0443\u044e nemovitost\u00ed v zem\u00edch, kde jsou soust\u0159ed\u011bny jejich obchodn\u00ed nebo osobn\u00ed z\u00e1jmy.<\/p>\n

    Doporu\u010dujeme tak\u00e9 zv\u00e1\u017eit, v jak\u00e9 m\u011bn\u011b se budou denominov\u00e1ny pl\u00fdtv\u00e1n\u00ed rodiny investora prost\u0159ednictv\u00edm 5-10 let. Nap\u0159\u00edklad, pokud m\u00e1te reziden\u010dn\u00edch nemovitost\u00ed ve velk\u00e9 Brit\u00e1nii a tam se u\u010d\u00ed va\u0161e d\u011bti, je to stoj\u00ed za bli\u017e\u0161\u00ed pohled na objekty, n\u00e1jemn\u00ed p\u0159\u00edjmy, z nich\u017e je generov\u00e1n v libr\u00e1ch \u0161terlink\u016f.<\/p>\n

    Mezi lokalitami, je lep\u0161\u00ed zvolit bu\u010f metropolitn\u00edch oblast\u00ed a jejich prosperuj\u00edc\u00ed p\u0159edm\u011bst\u00ed nebo m\u011bsta st\u0159edn\u00ed velikosti s rostouc\u00edm po\u010dtem obyvatel, rozvinut\u00fd trh pr\u00e1ce a potenci\u00e1lem r\u016fstu. Doporu\u010dujeme se orientovat na osv\u011bd\u010den\u00e9 um\u00edst\u011bn\u00ed, v nich\u017e ji\u017e maj\u00ed \u00fasp\u011b\u0161n\u00e9 zku\u0161enosti v oblasti investic krajan\u016f. Nap\u0159\u00edklad, dobr\u00e9 mo\u017enosti \u2014 z\u00e1padoevropsk\u00e9 metropole a velk\u00e1 m\u011bsta Z\u00e1padn\u00edho N\u011bmecka.<\/p>\n

    V\u00fdb\u011br jm\u00e9no, z\u00e1vis\u00ed na typu nemovitosti. Nap\u0159\u00edklad, pouli\u010dn\u00ed obchody, je lep\u0161\u00ed koupit na centr\u00e1ln\u00edch ulic\u00edch ru\u0161n\u00e9ho provozu a obchodn\u011b-skladov\u00fdch prostor \u2014 na odjezdu z velk\u00e9ho m\u011bsta, hned vedle d\u00e1lnice.<\/p>\n

    N\u00e1jemci a n\u00e1jemn\u00ed smlouva<\/h2>\n

    Pokud si pronajmout reziden\u010dn\u00edch nemovitost\u00ed, pak jako n\u00e1jemce p\u0159ednost z\u00e1stupci st\u0159edn\u00ed t\u0159\u00eddy s dobrou \u00fav\u011brovou histori\u00ed a stabiln\u00ed p\u0159\u00edjmy. A v segmentu komer\u010dn\u00edch nemovitost\u00ed je nejm\u00e9n\u011b riskantn\u00ed, \u017ee objekty, kter\u00e9 je ji\u017e pronajata v\u00fdznamn\u00fdm korpor\u00e1tn\u00edm n\u00e1jemc\u016fm, p\u016fsob\u00edc\u00ed na trhu des\u00edtky nebo stovky let. Pravd\u011bpodobnost \u00fapadku jako n\u00e1jemce m\u00e9n\u011b, ne\u017e mal\u00fdch soukrom\u00fdch spole\u010dnost\u00ed. Informace o finan\u010dn\u00ed situaci n\u00e1jemce m\u016f\u017ee po\u017e\u00e1dat u pr\u00e1vn\u00edk\u016f v procesu vy\u0161et\u0159en\u00ed objektu (Due Diligence).<\/p>\n

    Objekty s velk\u00fdm mno\u017estv\u00edm n\u00e1jemn\u00edk\u016f (nap\u0159. bytov\u00e9 domy nebo n\u00e1kupn\u00ed centra) nejsou vhodn\u00e9 zahrani\u010dn\u00edm \u043d\u0435\u043f\u0440\u043e\u0444\u0438\u043b\u044c\u043d\u044b\u043c investor\u016fm. Podle na\u0161ich zku\u0161enost\u00ed, pokud n\u00e1jemce v\u00edce jak p\u011bt, to v\u00fdrazn\u011b zvy\u0161uje riziko managementu a zvy\u0161uje n\u00e1roky na profesionalitu \u0159\u00edzen\u00ed spole\u010dnosti. Nejl\u00e9pe kupovat nemovitost s jedin\u00fdm n\u00e1jemcem.<\/p>\n

    D\u016fle\u017eitou podm\u00ednkou n\u00e1jemn\u00ed smlouvy je rozd\u011blen\u00ed n\u00e1klad\u016f na \u00fadr\u017ebu objektu mezi vlastn\u00edkem a n\u00e1jemcem: kdo plat\u00ed da\u0148 z nemovitosti, komun\u00e1ln\u00ed slu\u017eby, poji\u0161t\u011bn\u00ed a dal\u0161\u00ed polo\u017eky v\u00fddaj\u016f. Doporu\u010dujeme sn\u00ed\u017eit rizika, n\u00e1kup za\u0159\u00edzen\u00ed, v nich\u017e maxim\u00e1ln\u00ed provozn\u00ed v\u00fddaje zodpov\u011bdnost na n\u00e1jemce. Smlouvy tohoto typu se naz\u00fdvaj\u00ed NN Lease (Double Net Lease) nebo NNN Lease (Triple Net Lease), jejich rozd\u00edly od ostatn\u00edch variant jsou zobrazeny v tabulce:<\/p>\n<\/p>\n\n\n\n\n\n\n\n\n\n
    Typ leasingu<\/th>\nN\u00e1klady vlastn\u00edka<\/th>\n<\/tr>\n
    Oprava fas\u00e1dy
    \na stavebn\u00ed
    \nn\u00e1vrhy<\/td>\n    		Obsah
    \na \u00fadr\u017eba<\/td>\n    		Poji\u0161t\u011bn\u00ed<\/td>\nDa\u0148
    \nna nemovitosti<\/td>\n<\/tr>\n
    Gross Rent Lease<\/th>\n\u2713<\/td>\n\u2713<\/td>\n\u2713<\/td>\n\u2713<\/td>\n<\/tr>\n
    N Lease
    \n(Single Net Lease)<\/th>\n    		\u2713<\/td>\n\u2713<\/td>\n\u2713<\/td>\n\u00b7<\/td>\n<\/tr>\n
    NN Pron\u00e1jem
    \n(Double Net Lease)<\/th>\n    		\u2713<\/td>\n\u2713<\/td>\n\u00b7<\/td>\n\u00b7<\/td>\n<\/tr>\n
    NNN Lease
    \n(Triple Net Lease,
    \npodobn\u011b jako v N\u011bmecku \u2014Dach & Fach)<\/th>\n    		\u2713<\/td>\n\u00b7<\/td>\n\u00b7<\/td>\n\u00b7<\/td>\n<\/tr>\n
    Absolute NNN Lease<\/th>\n\u00b7<\/td>\n\u00b7<\/td>\n\u00b7<\/td>\n\u00b7<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    Doporu\u010duje se z\u00edsk\u00e1vat objekty c dlouhodob\u00e9 (10-20 let) \u0430\u0440\u0435\u043d\u0434\u043d\u044b\u043c\u0438 smluv bez pr\u00e1va na ukon\u010den\u00ed, p\u0159i\u010dem\u017e tvrd\u00e9 n\u00e1jemn\u00e9 sazbou bez vazby na provozn\u00ed ukazatel\u016f podnik\u00e1n\u00ed n\u00e1jemce. M\u011bjte na pam\u011bti, \u017ee takov\u00e1 smlouva ukl\u00e1d\u00e1 povinnost na ob\u011b strany: nejde jen o to, \u017ee n\u00e1jemce zaji\u0161\u0165uje stabiln\u00ed n\u00e1jem na cel\u00fd tento term\u00edn, ale i o tom, \u017ee vlastn\u00edk nem\u00e1 pr\u00e1vo vyst\u011bhovat n\u00e1jemce p\u0159ed vypr\u0161en\u00edm smlouvy.<\/p>\n

    Dlouhodob\u00e9 smlouvy d\u00e1vaj\u00ed investorovi dal\u0161\u00ed poji\u0161t\u011bn\u00ed od cenov\u00fdch n\u00e1prav, od nich\u017e nen\u00ed chr\u00e1n\u011bn dokonce i nejspolehliv\u011bj\u0161\u00ed realitn\u00ed trhy. Pokud jste investovali do objektu s 15-20 lety smlouvou, a to s vysokou m\u00edrou pravd\u011bpodobnosti obdob\u00ed poklesu cen se bude v prvn\u00edch 10 letech vlastnictv\u00ed, proto\u017ee cyklus trhu s nemovitostmi za sebou ka\u017ed\u00fdch 7-10 let. P\u0159i pevn\u00e9 zak\u00e1zky na 15-20 let, cenov\u00e9 v\u00fdkyvy nemaj\u00ed vliv na va\u0161ich p\u0159\u00edjmech, tak jako nelze p\u0159ed\u010dasn\u011b vypov\u011bd\u011bt smlouvu nebo sn\u00ed\u017een\u00ed n\u00e1jemn\u00e9ho. T\u00edmto zp\u016fsobem, budete m\u00edt mo\u017enost po\u010dkat, a\u017e se trh zotav\u00ed, a vystoupit z projektu p\u0159i p\u0159\u00edzniv\u00e9 konjunktu\u0159e.<\/p>\n

    I p\u0159i d\u00e9letrvaj\u00edc\u00edch smluv je obvykle mo\u017en\u00e9 indexovat n\u00e1jemn\u00e9ho v souladu s inflac\u00ed, to je ka\u017ed\u00fd rok zvy\u0161ovat jejich asi o 1-2 %. P\u0159i pozitivn\u00edm v\u00fdvoji trhu v tomto m\u00e1 sv\u00e9 nev\u00fdhody. Nap\u0159\u00edklad, pokud na trhu s nemovitostmi ka\u017ed\u00fd rok roste o 4 %, a po 10 letech si cht\u011bli pronajmout objekt je podstatn\u011b dra\u017e\u0161\u00ed r\u016fstu inflace, nebudete schopni to ud\u011blat, proto\u017ee v\u00e1s omezuje smlouvu. Proto investo\u0159i, kte\u0159\u00ed v\u011b\u0159\u00ed v o\u017eiven\u00ed trhu v dlouhodob\u00e9m horizontu, je lep\u0161\u00ed koupit za\u0159\u00edzen\u00ed s \u043f\u044f\u0442\u0438\u043b\u0435\u0442\u043d\u0438\u043c\u0438 smluv (nap\u0159. obchodn\u00ed nemovitosti na p\u011b\u0161\u00edch ulic\u00edch) a index n\u00e1klady na n\u00e1jemn\u00e9 po ukon\u010den\u00ed smlouvy.<\/p>\n

    Potenci\u00e1l r\u016fstu hodnoty<\/h2>\n

    \u041d\u0438\u0437\u043a\u043e\u0440\u0438\u0441\u043a\u043e\u0432\u0430\u043d\u043d\u044b\u0435 aktiv na z\u00e1padn\u00edch trz\u00edch, jsou prod\u00e1v\u00e1ny s po\u010d\u00e1te\u010dn\u00ed n\u00e1jemn\u00e9 n\u00e1vratnost\u00ed od 3 do 7 %. Koupit objekty s po\u010d\u00e1te\u010dn\u00ed v\u00fdnos v\u00edce ne\u017e 7 % v\u011b\u0159\u00edme nerozumn\u00e9 a neekonomick\u00e9 pro zahrani\u010dn\u00edho investora: v projektech je vysok\u00e1 pravd\u011bpodobnost, \u017ee v horizontu 5-10 let je realizov\u00e1n \u017e\u00e1dn\u00e9 riziko, n\u00e1klady na likvidaci kter\u00e9ho se uk\u00e1\u017ee b\u00fdt vy\u0161\u0161\u00ed ne\u017e pr\u00e9mie za riziko na vstupu.<\/p>\n

    Krom\u011b toho, trhy s n\u00edzkou m\u00edrou rizika a v\u00fdnosu (obvykle to centra a presti\u017en\u00ed oblasti velk\u00fdch m\u011bst), st\u00e1le dra\u017e\u0161\u00ed rychleji, ne\u017e ty, kter\u00e9 se vyzna\u010duj\u00ed vysokou po\u010d\u00e1te\u010dn\u00ed v\u00fdnosy a souvisej\u00edc\u00ed vysok\u00e9 riziko.<\/p>\n

    Nap\u0159\u00edklad, jak uk\u00e1zal proveden\u00fd Tranio retrospektivn\u00ed anal\u00fdza cen nemovitost\u00ed v USA, od roku 2001 na rok 2015 objekty s po\u010d\u00e1te\u010dn\u00ed v\u00fdnosem 3 % rostly ceny v pr\u016fm\u011bru o 5 % ro\u010dn\u011b, s n\u00e1vratnost\u00ed 5 % na 4,7 %, s v\u00fdnosem 7 % \u2014 pouze o 3,5 % ro\u010dn\u011b, zat\u00edmco objekty s v\u00fdnosem 9 % by klesat na hodnot\u011b. P\u0159i tomto mezi \u0434\u0435\u0448\u0435\u0432\u0435\u044e\u0449\u0438\u0445 objekt\u016f nejm\u00e9n\u011b ztr\u00e1c\u00ed hodnotu ty, kter\u00e9 m\u011bly ni\u017e\u0161\u00ed v\u00fdnos. Pravd\u011bpodobnost poklesu ceny uveden\u00e9 u objekt\u016f s vy\u0161\u0161\u00ed po\u010d\u00e1te\u010dn\u00ed v\u00fdnosy, tak s ohledem na pravd\u011bpodobnost realizace tohoto rizika objekty s po\u010d\u00e1te\u010dn\u00ed v\u00fdnosy 3-7 % d\u00e1vaj\u00ed nakonec v\u011bt\u0161\u00ed celkov\u00e9 v\u00fdnosy.<\/p>\n

    Pro progn\u00f3zu r\u016fstu cen jsou d\u016fle\u017eit\u00e9 i vyhl\u00eddky na rozvoj prostoru. Rychlej\u0161\u00ed, dra\u017e\u0161\u00ed nemovitosti tam, kde se d\u011bje \u0434\u0436\u0435\u043d\u0442\u0440\u0438\u0444\u0438\u043a\u0430\u0446\u0438\u044f \u2014 proces, p\u0159i kter\u00e9m je pr\u016fmyslov\u00e1 z\u00f3na prom\u011bn\u00ed v presti\u017en\u00ed reziden\u010dn\u00ed, \u043e\u0431\u043b\u0430\u0433\u043e\u0440\u0430\u0436\u0438\u0432\u0430\u0435\u0442\u0441\u044f \u00fazem\u00ed, rozvoj infrastruktury a obyvatelstvo s n\u00edzk\u00fdmi p\u0159\u00edjmy nahrazov\u00e1ny v\u00edce ne\u017e bohat\u00ed. P\u0159i tomto nejv\u00edce \u0432\u044b\u0438\u0433\u0440\u044b\u0448\u043d\u044b oblasti, kter\u00e9 se nach\u00e1zej\u00ed bl\u00edzko od centra m\u011bsta, nebo maj\u00ed skv\u011bl\u00e9 dopravn\u00ed spojen\u00ed s centrem.<\/p>\n

    Optim\u00e1ln\u00ed v\u00fdnos z\u00e1vis\u00ed nejen na rizika, ale i od doby investice. \u010c\u00edm men\u0161\u00ed je doba, t\u00edm v\u011bt\u0161\u00ed je po\u010d\u00e1te\u010dn\u00ed v\u00fdnos m\u00e1 smysl, v rozsahu 3-7 %. Nap\u0159\u00edklad, bez ohledu na \u00fav\u011br p\u0159i 20-letn\u00ed term\u00edn investov\u00e1n\u00ed nejv\u011bt\u0161\u00ed spole\u010dn\u00fd v\u00fdnos (vzhledem k r\u016fstu tr\u017en\u00ed kapitalizace) je dosa\u017eeno p\u0159i po\u010d\u00e1te\u010dn\u00ed v\u00fdnos 3,8\u20135,8 %; a pokud je doba investov\u00e1n\u00ed je 10 let, pak je optim\u00e1ln\u00ed po\u010d\u00e1te\u010dn\u00ed v\u00fdnos \u2014 4,5\u20136,5 %. Takov\u00fd z\u00e1v\u011br analytici Tranio dostali v d\u016fsledku vy\u0161et\u0159ov\u00e1n\u00ed 100 p\u00e1r\u016f „v\u00fdnos \u2014 zv\u00fd\u0161en\u00ed kapitalizace“ pro obytn\u00fdch a nebytov\u00fdch nemovitost\u00ed v N\u011bmecku.<\/p>\n

    <\/i><\/p>\n

    \u00dav\u011br<\/h2>\n

    M\u016f\u017eete zv\u00fd\u0161it ziskovost s pomoc\u00ed hypot\u00e9ky.<\/p>\n

    Pen\u00edze byly za hypote\u010dn\u00ed \u00fa\u010det, jsou levn\u011bj\u0161\u00ed, ne\u017e n\u00e1jemce plat\u00ed za pron\u00e1jem. Nap\u0159\u00edklad, p\u0159i n\u00e1kupu investice do nemovitost\u00ed v N\u011bmecku, m\u016f\u017eete se spolehnout na p\u016fj\u010dku ve v\u00fd\u0161i a\u017e 60 % n\u00e1klad\u016f na projekt pod 2-3 % ro\u010dn\u011b. P\u0159i pron\u00e1jmu v\u00fdnos 6,5 % v\u00fdnos z vlastn\u00edho kapit\u00e1lu s ohledem na \u00fav\u011br m\u016f\u017ee dos\u00e1hnout 8-10 %.<\/p>\n

    Obecn\u011b plat\u00ed, \u017ee nejlevn\u011bj\u0161\u00ed \u00fav\u011bry s pohyblivou \u00farokovou sazbou bez mo\u017enosti p\u0159ed\u010dasn\u00e9ho spl\u00e1cen\u00ed, a nejdra\u017e\u0161\u00ed \u2014 s pevnou \u00farokovou sazbou, \u0434\u043e\u043f\u0443\u0441\u043a\u0430\u044e\u0449\u0438\u0435 p\u0159ed\u010dasn\u00e9 splacen\u00ed.<\/p>\n

    Je lep\u0161\u00ed vz\u00edt si \u00fav\u011br na del\u0161\u00ed dobu (10-15 let) – \u010d\u00edm del\u0161\u00ed doba, t\u00edm dra\u017e\u0161\u00ed pen\u00edze, ale t\u00edm men\u0161\u00ed je riziko, \u017ee negativn\u00ed situace na trhu bude m\u00edt vliv na podm\u00ednky refinancov\u00e1n\u00ed. V p\u0159\u00edpad\u011b komer\u010dn\u00edch nemovitost\u00ed se doporu\u010duje zajistit hypot\u00e9ku podle sch\u00e9matu, p\u0159i kter\u00e9m se v prvn\u00ed \u0159ad\u011b jsou placeny \u00faroky, zat\u00edmco t\u011blo \u00fav\u011bru \u2014 bl\u00ed\u017ee ke konci obdob\u00ed \u00fav\u011bru. P\u0159i tom je \u017e\u00e1douc\u00ed, aby ke konci obdob\u00ed byl absorbov\u00e1n ne m\u00e9n\u011b ne\u017e 40-50 % t\u011bla.<\/p>\n

    Nen\u00ed to stoj\u00ed za to \u043f\u0435\u0440\u0435\u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0432\u044b\u0432\u0430\u0442\u044c objekt a p\u016fj\u010dovat p\u0159\u00edli\u0161 mnoho. Ale a nem\u011bly by zab\u00edrat p\u0159\u00edli\u0161 m\u00e1lo, tak to je divn\u00e9 to by bylo k ni\u010demu mo\u017enost m\u00edt \u00fav\u011br levn\u011bj\u0161\u00ed, ne\u017e plat\u00ed n\u00e1jemce.<\/p>\n

    Optimalizace dan\u00ed<\/h2>\n

    Co se t\u00fd\u010de optimalizace dan\u011b z p\u0159\u00edjm\u016f fyzick\u00e9 osoby v Evrop\u011b a USA plat\u00ed, \u017ee je \u00fam\u011brn\u00e1 velikosti p\u0159\u00edjmu, a nemovitost\u00ed v cen\u011b do 1 milionu eur jednodu\u0161\u0161\u00ed vydat fyzick\u00e1 osoba. Dra\u017e\u0161\u00ed objekt je v\u00fdhodn\u011bj\u0161\u00ed zaregistrovat se na spole\u010dnost, proto\u017ee u pr\u00e1vnick\u00fdch osob, obvykle ploch\u00e9 a ni\u017e\u0161\u00ed sazba dan\u011b z p\u0159\u00edjm\u016f. Tak\u00e9 spole\u010dnostem snadn\u011bji sn\u00ed\u017een\u00ed z\u00e1kladu dan\u011b prost\u0159ednictv\u00edm odpis\u016f a odpo\u010dt\u016f na \u00fav\u011bry od bank a \u0443\u0447\u0440\u0435\u0434\u0438\u0442\u0435\u043b\u044f.<\/p>\n

    Nejl\u00e9pe, pokud se dohodu poda\u0159\u00ed za\u0159\u00eddit tak, aby se platit dan\u011b pouze v zemi um\u00edst\u011bn\u00ed nemovitosti. Tato mo\u017enost z\u00e1vis\u00ed na da\u0148ov\u00e9 \u0440\u0435\u0437\u0438\u0434\u0435\u043d\u0441\u0442\u0432\u0430 investora, mezist\u00e1tn\u00edch dohod o zamezen\u00ed dvoj\u00edho zdan\u011bn\u00ed, formy vlastnictv\u00ed a dal\u0161\u00edch faktorech. Poradci Tranio za pomoci da\u0148ov\u00fdch poradc\u016f pom\u00e1haj\u00ed ka\u017ed\u00e9mu klientovi individu\u00e1ln\u011b strukturovat nab\u00eddku a vydat \u00fav\u011br v optim\u00e1ln\u00edch podm\u00ednk\u00e1ch.<\/p>\n

    V\u00fdstup z projektu<\/h2>\n

    Obvykl\u00e1 doba vlastnictv\u00ed p\u0159\u00edjmov\u00e9 nemovitosti p\u0159ed prodejem \u2014 5-20 let. Obvykle je t\u0159eba minim\u00e1ln\u011b 13-14 let, aby se objekt se vyplatila a za\u010dal p\u0159in\u00e1\u0161et zisk. V n\u011bkter\u00fdch zem\u00edch, investo\u0159i se orientuje na dobu, p\u0159i prodeji, po kterou nen\u00ed zaplacena da\u0148 z kapit\u00e1lov\u00fdch zisk\u016f (nap\u0159. v N\u011bmecku je to 10 let).<\/p>\n

    Bude mo\u017en\u00e9 v\u00fdhodn\u011b prodat nemovitost p\u0159es mnoho let jedna z kl\u00ed\u010dov\u00fdch rizik investice, kter\u00e1 je \u010dasto nebere v \u00favahu z\u00e1kazn\u00edci, jim\u017e jsou vysok\u00e9 v\u00fdnosy. Jejich p\u0159itahuj\u00ed nab\u00eddky s po\u010d\u00e1te\u010dn\u00ed v\u00fdnos 8 % a vy\u0161\u0161\u00ed; typick\u00e9 p\u0159\u00edklady \u2014 parkov\u00e1n\u00ed nebo ubytov\u00e1n\u00ed pro studenty na periferii. Kl\u00ed\u010dovou nev\u00fdhodou t\u011bchto za\u0159\u00edzen\u00ed \u2014 n\u00edzk\u00e1 likvidita, tj. mal\u00fd po\u017eadavek na n\u00e1kup. Pokud uva\u017eujete prodat, bude muset v\u00fdrazn\u011b sn\u00ed\u017eit cenu, co\u017e nakonec pop\u0159e vy\u0161\u0161\u00ed po\u010d\u00e1te\u010dn\u00ed v\u00fdnos.<\/p>\n

    P\u0159i obzoru pl\u00e1nov\u00e1n\u00ed 10-20 let doporu\u010dujeme zv\u00e1\u017eit komer\u010dn\u00edch nemovitost\u00ed s po\u010d\u00e1te\u010dn\u00ed v\u00fdnosem 5 % (p\u0159i dodr\u017een\u00ed ostatn\u00edch doporu\u010den\u00ed z tohoto \u010dl\u00e1nku). Nej\u010dast\u011bji je jejich hodnota roste o 2-3% ro\u010dn\u011b, spolu s trhem, nebo dokonce rychleji n\u011bj. Je to spolehliv\u00e9 za\u0159\u00edzen\u00ed, kter\u00e9 m\u016f\u017ee b\u00fdt v\u00fdhodn\u00e9 prodat a p\u0159ed pl\u00e1novan\u00fdm term\u00ednem, pokud va\u0161e pl\u00e1ny zm\u011bn\u00ed. A p\u0159i \u0441\u0442\u0440\u0435\u0441\u0441\u043e\u0432\u043e\u043c skripty tato nemovitost je m\u00e9n\u011b ztr\u00e1c\u00ed na hodnot\u011b, \u010d\u00edm v\u00edce rizikov\u00e9 objekty s vysokou po\u010d\u00e1te\u010dn\u00ed v\u00fdnosy.<\/p>\n

    Nicm\u00e9n\u011b, pokud se chyst\u00e1te prodat objekt p\u0159es 1-3 roky, pak je nejlep\u0161\u00ed koupit nejv\u00edce \u0434\u043e\u0445\u043e\u0434\u043d\u0443\u044e nemovitost\u00ed v regionu s potenci\u00e1lem r\u016fstu. Dnes jedn\u00edm z takov\u00fdch m\u00edst je v Evrop\u011b pova\u017eov\u00e1n za \u0160pan\u011blsko s jeho centr\u00e1ln\u00edmi trhy v Madridu a Barcelony. Nicm\u00e9n\u011b, nelze \u0159\u00edci, zda bude pokra\u010dovat r\u016fst na t\u011bchto trz\u00edch v p\u0159\u00ed\u0161t\u00edch 10-20 let, tak dlouhodob\u00fdch investic zam\u011b\u0159en\u00fdch na zachov\u00e1n\u00ed kapit\u00e1lu, je lep\u0161\u00ed zvolit v\u00edce p\u0159edv\u00eddateln\u00e9 um\u00edst\u011bn\u00ed.<\/p>\n

    Pokud m\u00e1te v pl\u00e1nu prod\u00e1vat majetek, a opustit jej\u00ed d\u011bdice, pak je d\u016fle\u017eit\u00e9 vybrat spr\u00e1vn\u00fd form\u00e1t vlastnictv\u00ed, s c\u00edlem optimalizovat dan\u011b d\u011bdick\u00e9. Nap\u0159\u00edklad ve Francii \u017e\u00e1dn\u00e9 dan\u011b z d\u011bdictv\u00ed a darov\u00e1n\u00ed, pokud je objekt zaps\u00e1n na ob\u010danskou spole\u010dnost za transakce s nemovitostmi (SCI). A ve velk\u00e9 Brit\u00e1nii da\u0148 na d\u011bdictv\u00ed nejsou da\u0148ov\u011b nemovitosti, j\u00ed\u017e na offshore spole\u010dnost.<\/p>\n

    \u2022<\/p>\n

    Zde je shrnut\u00ed hlavn\u00edch doporu\u010den\u00ed Tranio pro investory do nemovitost\u00ed:<\/p>\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \u00a0<\/th>\nReziden\u010dn\u00edch nemovitost\u00ed<\/th>\n\u041d\u0435\u0436\u0438\u043b\u0430\u044f nemovitost\u00ed<\/th>\n<\/tr>\n
    Minim\u00e1ln\u00ed rozpo\u010det<\/td>\n300 tis\u00edc euro<\/td>\n2,5 milion\u016f eur<\/td>\n<\/tr>\n
    Typy objekt\u016f<\/td>\nByty, bydlen\u00ed pro studenty<\/td>\nObchodov\u00e1n\u00ed nemovitost\u00ed na p\u0159epln\u011bn\u00fdch ulic\u00edch, supermarkety, domy s pe\u010dovatelskou slu\u017ebou<\/td>\n<\/tr>\n
    Zem\u011b<\/td>\nRakousko, velk\u00e1 Brit\u00e1nie, N\u011bmecko, USA, Francie, \u0160v\u00fdcarsko<\/td>\n<\/tr>\n
    M\u011bsta<\/td>\nVelk\u00e9 lokality s dobrou \u0434\u0435\u043c\u043e\u0433\u0440\u0430\u0444\u0438\u0435\u0439 a potenci\u00e1lem r\u016fstu<\/td>\n<\/tr>\n
    Oblasti<\/td>\nM\u00edsta s dobrou ekologii a infrastrukturu, popul\u00e1rn\u00ed u st\u0159edn\u00ed t\u0159\u00eddy, okol\u00ed \u0161kol, zdravotnick\u00fdch center a obchodn\u00ed \u010dtvrti<\/td>\nV bl\u00edzkosti dopravn\u00edch tepen a zast\u00e1vek ve\u0159ejn\u00e9 dopravy, v m\u00edstech, kde jin\u00e9 objekty podobn\u00fd profil<\/td>\n<\/tr>\n
    Potenci\u00e1l r\u016fstu
    \nkapitalizace<\/td>\n    		Vysok\u00e1<\/td>\nPr\u016fm\u011brn\u00fd<\/td>\n<\/tr>\n
    Doba investov\u00e1n\u00ed<\/td>\nOd 10 let<\/td>\n<\/tr>\n
    Optim\u00e1ln\u00ed po\u010d\u00e1te\u010dn\u00ed
    \nv\u00fdnos<\/td>\n    		4-6 %
    \n(je mo\u017en\u00e9 zv\u00fd\u0161it prost\u0159ednictv\u00edm \u00fav\u011bru)<\/td>\n<\/tr>\n
    LTV (pod\u00edl vyp\u016fj\u010den\u00fdch prost\u0159edk\u016f
    \nod hodnoty objektu)<\/td>\n    		60 %<\/td>\n<\/tr>\n
    \u00dav\u011br<\/td>\nNejlevn\u011bj\u0161\u00ed p\u016fj\u010dky \u2014 s pohyblivou \u00farokovou sazbou bez mo\u017enosti p\u0159ed\u010dasn\u00e9ho splacen\u00ed; je t\u0159eba zvolit re\u017eim, p\u0159i kter\u00e9m se nejprve spl\u00e1ceny \u00faroky a t\u011blo bl\u00ed\u017e ke konci obdob\u00ed<\/td>\n<\/tr>\n
    V\u00fdp\u016fj\u010dn\u00ed lh\u016fty<\/td>\n10-15 let<\/td>\n<\/tr>\n
    N\u00e1jemn\u00edci<\/td>\nZ\u00e1stupci st\u0159edn\u00ed t\u0159\u00eddy, rodiny s d\u011btmi, studenti, administrativn\u00ed pracovn\u00edci, d\u016fchodci<\/td>\nVelk\u00e9 obchodn\u00ed s\u00edt\u011b a \u0159\u00edzen\u00ed spole\u010dnost\u00ed, kter\u00e9 p\u016fsob\u00ed na trhu n\u011bkolik des\u00edtek let a jsou v dobr\u00e9 finan\u010dn\u00ed kondici<\/td>\n<\/tr>\n
    Typ leasingu<\/td>\nNN nebo NNN (max provozn\u00ed n\u00e1klady na \u0430\u0440\u0435\u043d\u0434\u0430\u0442\u043e\u0440\u0435);
    \ndlouhodobou smlouvu bez n\u00e1roku na ukon\u010den\u00ed<\/td>\n<\/tr>\n
    Term\u00edn pron\u00e1jmu<\/td>\n1 den (kr\u00e1tkodob\u00fd),
    \n1 rok (dlouhodob\u00fd)<\/td>\n    		5-20 let<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    Ji\u0159\u00ed \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432, managing partner Tranio<\/p>\n","protected":false},"excerpt":{"rendered":"

    Mnoho investor\u016f investovat prost\u0159edky do nemovitost\u00ed, usiluj\u00ed o vysok\u00fd v\u00fdnos. Nicm\u00e9n\u011b ne ka\u017ed\u00fd si uv\u011bdomuje, \u017ee velk\u00e1 po\u010d\u00e1te\u010dn\u00ed v\u00fdnos znamen\u00e1<\/p>\n","protected":false},"author":1,"featured_media":468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[133],"tags":[],"class_list":["post-965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-danove-informace-ve-francii"],"translation":{"provider":"WPGlobus","version":"3.0.0","language":"cs","enabled_languages":["ru","uk","en","de","fr","it","es","pl","pt","bg","cs","da","et","fi","hr","hu","lt","lv","mk","no","ro","sk","sl","sq","sr","tr","nl","am","ca","sv"],"languages":{"ru":{"title":false,"content":false,"excerpt":false},"uk":{"title":false,"content":false,"excerpt":false},"en":{"title":false,"content":false,"excerpt":false},"de":{"title":false,"content":false,"excerpt":false},"fr":{"title":false,"content":false,"excerpt":false},"it":{"title":false,"content":false,"excerpt":false},"es":{"title":false,"content":false,"excerpt":false},"pl":{"title":false,"content":false,"excerpt":false},"pt":{"title":false,"content":false,"excerpt":false},"bg":{"title":false,"content":false,"excerpt":false},"cs":{"title":true,"content":true,"excerpt":false},"da":{"title":false,"content":false,"excerpt":false},"et":{"title":false,"content":false,"excerpt":false},"fi":{"title":false,"content":false,"excerpt":false},"hr":{"title":false,"content":false,"excerpt":false},"hu":{"title":false,"content":false,"excerpt":false},"lt":{"title":false,"content":false,"excerpt":false},"lv":{"title":false,"content":false,"excerpt":false},"mk":{"title":false,"content":false,"excerpt":false},"no":{"title":false,"content":false,"excerpt":false},"ro":{"title":false,"content":false,"excerpt":false},"sk":{"title":false,"content":false,"excerpt":false},"sl":{"title":false,"content":false,"excerpt":false},"sq":{"title":false,"content":false,"excerpt":false},"sr":{"title":false,"content":false,"excerpt":false},"tr":{"title":false,"content":false,"excerpt":false},"nl":{"title":false,"content":false,"excerpt":false},"am":{"title":false,"content":false,"excerpt":false},"ca":{"title":false,"content":false,"excerpt":false},"sv":{"title":false,"content":false,"excerpt":false}}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/posts\/965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/comments?post=965"}],"version-history":[{"count":0,"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/posts\/965\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/media\/468"}],"wp:attachment":[{"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/media?parent=965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/categories?post=965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/tags?post=965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}