{"id":1844,"date":"2020-02-13T00:21:13","date_gmt":"2020-02-12T21:21:13","guid":{"rendered":"http:\/\/nalog.fr\/ltcheck-list-pirkejas-ka-verta-zinoti-pries-pat-komercinio-nekilnojamojo-turto-uzsienyje\/"},"modified":"2020-02-13T00:21:13","modified_gmt":"2020-02-12T21:21:13","slug":"ltcheck-list-pirkejas-ka-verta-zinoti-pries-pat-komercinio-nekilnojamojo-turto-uzsienyje","status":"publish","type":"post","link":"https:\/\/nalog.fr\/lt\/ltcheck-list-pirkejas-ka-verta-zinoti-pries-pat-komercinio-nekilnojamojo-turto-uzsienyje\/","title":{"rendered":"Check-list pirk\u0117jas: k\u0105 verta \u017einoti prie\u0161 pat komercinio nekilnojamojo turto u\u017esienyje"},"content":{"rendered":"<p>Pirk\u0117jai nekilnojamojo turto u\u017esienyje vis da\u017eniau ie\u0161ko ne tik kaip b\u016bst\u0105, bet ir kaip objektas \u0432\u044b\u0433\u043e\u0434\u043d\u043e\u0433\u043e l\u0117\u0161as, ypa\u010d kriz\u0117s laikotarpiu. Tyrime &#8222;\u0422\u0440\u0430\u043d\u0438\u043e&#8221; u\u017e 2014 metus investicij\u0173 patrauklum\u0105 yra \u0440\u043e\u0441\u0441\u0438\u044f\u043d antras pagal svarb\u0105 veiksnys perkant nekilnojam\u0105j\u012f turt\u0105 u\u017esienyje.<\/p>\n<p>Palyginti su \u012fsigijimo atostog\u0173 b\u016bsto investicijos \u012f komercin\u0117s paskirties objekt\u0173 reikalauja daugiau rimtas po\u017ei\u016bris ir analizuoti. Nor\u0117dami sutaupyti laiko ir i\u0161vengti brangiai kainuojan\u010di\u0173 klaid\u0173, dar prie\u0161 perkant reikia su\u017einoti pagrindiniai parametrai investicij\u0173 projekto:<\/p>\n<ul>\n<li>viet\u0105;<\/li>\n<li>biud\u017eetas;<\/li>\n<li>i\u0161laidos;<\/li>\n<li>savyb\u0117s nuomos sutarties;<\/li>\n<li>derlius;<\/li>\n<li>rizik\u0105;<\/li>\n<li>finansavimas;<\/li>\n<li>variantai valdymas;<\/li>\n<li>pasitraukimo strategija i\u0161 projekto.<\/li>\n<\/ul>\n<h2>Vieta<\/h2>\n<p>Nuo to, kokioje vietoje yra objektas, did\u017ei\u0105ja dalimi priklauso jo na\u0161umas, rizika bei likvidumas. Pavyzd\u017eiui, patikimi laikomos investicijos \u012f did\u017ei\u0173j\u0173 miest\u0173 Austrijoje, Jungtin\u0117je karalyst\u0117je, Vokietijoje, JAV ir Pranc\u016bzijoje. Nagrin\u0117jant informacij\u0105 apie objekto buvimo viet\u0105, verta atkreipti d\u0117mes\u012f ne tik \u012f \u0161al\u012f ir miest\u0105, bet ir \u012f tai, kokiame mieste yra nekilnojamasis turtas, o b\u016btent:<\/p>\n<ul>\n<li>\u012f infrastrukt\u016br\u0105, pavyzd\u017eiui, kai investicij\u0173 \u012f \u0434\u043e\u0445\u043e\u0434\u043d\u044b\u0435 nam\u0173 svarbu buvimas netoli automobili\u0173 stov\u0117jimo aik\u0161tel\u0117s, taip pat socialini\u0173 \u012fstaig\u0173 ir parduotuvi\u0173;<\/li>\n<li>privalumus ir perspektyvas plotas: nuo to priklauso ir tai, ar bus augti ateityje vert\u0117s objektas, ir pajam\u0173 i\u0161 nuomai tikslai;<\/li>\n<li>\u012f transporto paslaug\u0173 plotas: kur yra artimiausia vie\u0161ojo transporto stotel\u0117, yra nemokama prieiga \u0430\u0432\u0442\u043e\u043c\u0430\u0433\u0438\u0441\u0442\u0440\u0430\u043b\u044f\u043c, k\u0105 rei\u0161kia atstumas iki pagrindini\u0173 transporto mazg\u0173.<\/li>\n<\/ul>\n<h2>Biud\u017eetas<\/h2>\n<p>Paprastai pirk\u0117jai investuoja \u012f nekilnojam\u0105j\u012f turt\u0105, kai yra bent 2,5 mln euro, nes su ma\u017eesne suma sunku rasti kokybi\u0161k\u0105 ir \u043d\u0438\u0437\u043a\u043e\u0440\u0438\u0441\u043a\u043e\u0432\u0430\u043d\u043d\u044b\u0439 objektas. Nuo biud\u017eeto priklauso pasirinkti, kokio tipo nekilnojamojo turto.<\/p>\n<\/p>\n<h3>Tipai komercinio nekilnojamojo turto ir j\u0173 parametrus<br \/>\nDuomenys Tranio (vidutin\u0117s patvirtintus rodiklius)*<\/h3>\n<table class=\"left\">\n<tr>\n<th>Tipai<br \/>\nobjektai<\/th>\n<th>Na\u0161umas,<br \/>\n% metini\u0173 pal\u016bkan\u0173<\/th>\n<th>Terminas<br \/>\nsutarties<br \/>\nnuoma<\/th>\n<th>Privalumai<\/th>\n<th>Tr\u016bkumai<\/th>\n<\/tr>\n<tbody>\n<tr>\n<th colspan=\"5\"><strong>Nuo 300 t\u016bkst. eur\u0173<\/strong><\/th>\n<\/tr>\n<tr>\n<td>Butai (trumpalaik\u0117 nuoma)<\/td>\n<td>5-7<\/td>\n<td>Nuo 1 paros<\/td>\n<td>Didelis likvidumas; palyginti su ilgalaik\u0117s nuomos \u2014 didesnis na\u0161umas ir joki\u0173 problem\u0173 su \u0432\u044b\u0441\u0435\u043b\u0435\u043d\u0438\u0435\u043c nuomininkai; daugiau augimo potencial\u0105 \u0430\u0440\u0435\u043d\u0434\u043d\u044b\u0445 normos<\/td>\n<td>Rizikos valdymo ir prastov\u0173; palyginti su ilgalaik\u0117s nuomos \u2014 greitesnis susid\u0117v\u0117jimas<\/td>\n<\/tr>\n<tr>\n<td>Butai (ilgalaikis nuoma)<\/td>\n<td>2-3<\/td>\n<td>Nuo 1 met\u0173<\/td>\n<td>Didelis likvidumas; auk\u0161tos surinko nuominink\u0173, stabilus net kriz\u0117s metu<\/td>\n<td>Rizikos valdymo ir prastov\u0173; problemos su \u0432\u044b\u0441\u0435\u043b\u0435\u043d\u0438\u0435\u043c keleiviams<\/td>\n<\/tr>\n<tr>\n<td>\u0421\u0442\u0443\u0434\u0435\u043d\u0447\u0435\u0441\u043a\u043e\u0435 apgyvendinimas<\/td>\n<td>4-6<\/td>\n<td>Nuo 6 m\u0117nesi\u0173<\/td>\n<td>Didel\u0117s paklausos pus\u0117s nuominink\u0173<\/td>\n<td>Palyginti su procesoriaus \u2014 ma\u017eesnis likvidumas, sunku \u043f\u0435\u0440\u0435\u043f\u0440\u043e\u0444\u0438\u043b\u0438\u0440\u043e\u0432\u0430\u0442\u044c<\/td>\n<\/tr>\n<tr>\n<th colspan=\"5\"><strong>Nuo 2,5 mln eur\u0173<\/strong><\/th>\n<\/tr>\n<tr>\n<td>\u0414\u043e\u0445\u043e\u0434\u043d\u044b\u0435 namuose<\/td>\n<td>3-5<\/td>\n<td>Nuo 1 met\u0173<\/td>\n<td>Didelis likvidumas, augimo potencial\u0105 kapitalizacija<\/td>\n<td>Ma\u017eas derlius, daug nuominink\u0173, problemos su \u0432\u044b\u0441\u0435\u043b\u0435\u043d\u0438\u0435\u043c, reikia valdymo \u012fmon\u0117s<\/td>\n<\/tr>\n<tr>\n<td>Parduotuvi\u0173 gatv\u0117s<\/td>\n<td>3-4<\/td>\n<td>3-10 met\u0173<\/td>\n<td>Didelis likvidumas, augimo potencial\u0105 kapitalizacija<\/td>\n<td>Ma\u017eas derlius<\/td>\n<\/tr>\n<tr>\n<td>Prekybos centrai<\/td>\n<td>5-6,5<\/td>\n<td>12-15 met\u0173<\/td>\n<td>Didelis derlius, \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0438\u0442\u0435\u043b\u044c\u043d\u044b\u0435 sutartis<\/td>\n<td>Kuo ar\u010diau termino pabaigos sutarties, tuo ma\u017eesnis likvidumas<\/td>\n<\/tr>\n<tr>\n<th colspan=\"5\"><strong>Nuo 10 milijon\u0173 eur\u0173<\/strong><\/th>\n<\/tr>\n<tr>\n<td>Seneli\u0173 namai<\/td>\n<td>5-6,5<\/td>\n<td>20-25 met\u0173<\/td>\n<td>Augimas kiekio pensinink\u0173, \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0438\u0442\u0435\u043b\u044c\u043d\u044b\u0435 sutartis<\/td>\n<td>Sunku \u043f\u0435\u0440\u0435\u043f\u0440\u043e\u0444\u0438\u043b\u0438\u0440\u043e\u0432\u0430\u0442\u044c<\/td>\n<\/tr>\n<tr>\n<td>Prekybos centrai<\/td>\n<td>4-6<\/td>\n<td>5-15 met\u0173<\/td>\n<td>Didelis derlius<\/td>\n<td>Rizikos valdymo, kai poky\u010dio nuominink\u0173<\/td>\n<\/tr>\n<tr>\n<td>Apgyvendinimas<\/td>\n<td>4-6<\/td>\n<td>10-20 met\u0173<\/td>\n<td>Didelis derlius<\/td>\n<td>Sunku \u043f\u0435\u0440\u0435\u043f\u0440\u043e\u0444\u0438\u043b\u0438\u0440\u043e\u0432\u0430\u0442\u044c<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>* Vidutiniai rodikliai objektai:<\/p>\n<ul>\n<li>\u012f \u0431\u043b\u0430\u0433\u043e\u043f\u043e\u043b\u0443\u0447\u043d\u044b\u0445 srityse did\u017ei\u0173j\u0173 europos miest\u0173;<\/li>\n<li>naujus objektus arba po kapitalin\u012f remont\u0105;<\/li>\n<li>nuomos sutartis prad\u017eioje galiojimo laikotarp\u012f.<\/li>\n<\/ul>\n<h2>I\u0161laidos d\u0117l pirkimo ir turinys<\/h2>\n<p>Planuojant biud\u017eeto verta atkreipti d\u0117mes\u012f, kad i\u0161laidos formalumus, sandorio sudaro nuo 5 iki 20 % nuo objekto vert\u0117s, priklausomai nuo r\u016b\u0161ies turto kainas, o taip pat r\u016b\u0161ies sandoris. Prie toki\u0173 i\u0161laid\u0173, apima notaro paslaugos kaina valstybin\u0117s registracijos mokes\u010dio pirkimo komisija, brokerio ir i\u0161laidas proced\u016br\u0105 patikrinti teisin\u0117s kokyb\u0117s sandoris \u2014 Due Diligence.<\/p>\n<p>Be to, po pirkimo, savininkas laukia i\u0161laidos: i\u0161laidos paslaug\u0173 valdymo bendrov\u0117, komunaliniai mokes\u010diai ir remontas, draudimo, taip pat mokes\u010dius (mokestis \u012f turto ir verslo mokest\u012f). Investuotojams rekomenduojama atkreipti d\u0117mes\u012f \u012f buvim\u0105 \u0161alyje mokes\u010di\u0173 lengvat\u0173 ir atskaitym\u0173 ir s\u0105lygos jas gauti. Jie gali gerokai suma\u017einti i\u0161laidas ir padidinti peln\u0105.<\/p>\n<p>Tai, kokios i\u0161laidos yra turto savininkas, o kas \u2014 nuomininkas, priklauso nuo nuomos sutart\u012f.<\/p>\n<h2>Nuomininkai ir \u0430\u0440\u0435\u043d\u0434\u043d\u044b\u0439 sutartis<\/h2>\n<p>Kai mokymosi s\u0105lygas, nuomos sutartis tur\u0117t\u0173 i\u0161siai\u0161kinti, \u012fveikta ar objektas, kuris yra inkaro operatoriumi ir koks patikimumas asmen\u0173 ar \u012fmoni\u0173, \u0441\u043d\u0438\u043c\u0430\u044e\u0449\u0438\u0445 patalpos. Verta atkreipti d\u0117mes\u012f \u012f procentas \u0441\u0434\u0430\u043d\u043d\u044b\u0445 ploto \u2014 idealiu atveju vidutin\u0117 metin\u0117 u\u017eimtumas turi b\u016bti ne ma\u017eiau kaip 90 %.<\/p>\n<p>Taip pat svarbus tipas nuomos (nuo jo priklauso kiek i\u0161laikymo i\u0161laidos, o, vadinasi, ir pelno).<\/p>\n<\/p>\n<h3>Nuomos tipai<\/h3>\n<table class=\"left\" style=\"max-width:85%;\">\n<tr>\n<th>Nuomos tipas<\/th>\n<th>Ypatumai<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td>Gross rent lease<\/td>\n<td>Savininkas turto atlieka visus apskai\u010diavimus u\u017e komunalines paslaugas, i\u0161laidos, remonto ir eksploatavimo pastato, apmoka draudimo ir (kartais) mokes\u010diai<\/td>\n<\/tr>\n<tr>\n<td>N lease<br \/>(Single net lease)<\/td>\n<td>Nuomininkas moka tik turto mokestis, visos kitos i\u0161laidos yra savininkas<\/td>\n<\/tr>\n<tr>\n<td>N. lease<br \/>(Double net lease)<\/td>\n<td>Nuomininkas moka mokes\u010dius ir draudim\u0105<\/td>\n<\/tr>\n<tr>\n<td>NNN lease<br \/>(Triple net lease)<\/td>\n<td>Savininkas pasiima i\u0161 nuomininko mokest\u012f &#8222;\u012f \u0442\u0440\u043e\u0439\u043d\u043e\u043c dyd\u017eio&#8221;, tai yra be atimti mokes\u010dio, sveikatos draudimo ir i\u0161laikymo i\u0161laidos (\u0161ios i\u0161laidos pagal sutart\u012f yra nuomininkas)<\/td>\n<\/tr>\n<tr>\n<td>Absolute NNN lease<\/td>\n<td>Visos i\u0161laidos yra nuomininkas, net ir tuo atveju, jei pastatas bus sugadinta metu stichin\u0117s nelaim\u0117s ir reik\u0117s dalinis \u0440\u0435\u0434\u0435\u0432\u0435\u043b\u043e\u043f\u043c\u0435\u043d\u0442<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Investuotojai labiausiai \u0432\u044b\u0433\u043e\u0434\u043d\u044b pastaruosius dvejus tipo sutar\u010di\u0173: kai j\u0173 patalpinimo i\u0161laidos turto pus\u0117s savininkas yra minimali.<\/p>\n<p>Taip pat reik\u0117t\u0173 i\u0161 anksto apsispr\u0119sti d\u0117l trunka nuomos sutarties. Ji daugeliu at\u017evilgi\u0173 priklauso nuo investuotoj\u0173 nor\u0105 rizikuoti: pavyzd\u017eiui, jei jis n\u0117ra pasireng\u0119s prarasti nuominink\u0173, tai, grei\u010diausiai, \u0432\u043b\u043e\u0436\u0438\u0442\u0441\u044f objektas, turin\u010di\u0173 ilgalaikius \u0430\u0440\u0435\u043d\u0434\u043d\u044b\u043c\u0438 sutar\u010di\u0173. Ir atvirk\u0161\u010diai, kai \u0161is yra rizika, kad investuotojas kuri b\u016bt\u0173 priimtina, jis bus laikomas kaip variant\u0173 nekilnojamojo turto tinka prie pabaigos arba trumpalaikis \u0430\u0440\u0435\u043d\u0434\u043d\u044b\u043c sutartis.<\/p>\n<h2>Derlius<\/h2>\n<p>Pagal gr\u0105\u017e\u0105, gali \u043f\u043e\u0434\u0440\u0430\u0437\u0443\u043c\u0435\u0432\u0430\u0442\u044c\u0441\u044f absoliutus metini\u0173 pajam\u0173, pinig\u0173 sraut\u0173, veiklos pajamos, kapitalizacijos norma, vert\u0117s augimas, cash-on-pinigai IG ir IRR. Svarbu suprasti, prailginto gr\u0105\u017einimas veda jis pardav\u0117jas. Pavyzd\u017eiui, kaip parodo pavyzdys \u017eemiau, IRR gali sudaryti 9 %, o norma kapitalizacija yra lygi 5,5 %.<\/p>\n<\/p>\n<h3>Duomen\u0173 pavyzdys<\/h3>\n<table class=\"left\">\n<tbody>\n<tr>\n<th><strong>Objekto kaina<\/strong>\n<\/th>\n<td>10 milijon\u0173 eur\u0173<\/td>\n<\/tr>\n<tr>\n<td><strong>I\u0161laidos pirkti<\/strong><\/td>\n<td>1 mln euro<\/td>\n<\/tr>\n<tr>\n<td><strong>Investicijos<\/strong><\/td>\n<td>5 milijon\u0173 eur\u0173<\/td>\n<\/tr>\n<tr>\n<td><strong>LTV<\/strong><\/td>\n<td>60 %<\/td>\n<\/tr>\n<tr>\n<td><strong>Procentai u\u017e paskol\u0105<\/strong><\/td>\n<td>2,4 %<\/td>\n<\/tr>\n<tr>\n<td><strong>\u0410\u0440\u0435\u043d\u0434\u043d\u044b\u0439 pajamos<\/strong><\/td>\n<td>650 t\u016bkst. eur\u0173 per metus<\/td>\n<\/tr>\n<tr>\n<td><strong>Operacin\u0117s i\u0161laidos<\/strong><\/td>\n<td>100 t\u016bkst. eur\u0173 per metus<\/td>\n<\/tr>\n<tr>\n<td><strong>Did\u0117jan\u010dios i\u0161laidos<\/strong><\/td>\n<td>2 % per metus<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Tipai gr\u0105\u017eos<\/h3>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Tipas gr\u0105\u017eos<\/th>\n<th>Apibr\u0117\u017eimas ir skai\u010diavimo metod\u0105<\/th>\n<th>Pavyzdys<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Absoliutus metin\u0117s pajamos<\/strong><\/td>\n<td>Tai, kiek duoda nuoma, nekilnojamojo turto per metus iki atimti operacini\u0173 i\u0161laid\u0173 apmok\u0117jim\u0105 pagal normas ir mokes\u010dius<\/td>\n<td>\u0160iame pavyzdyje objekto vert\u0117 10 milijon\u0173 eur\u0173 sukuria absoliut\u0173 metin\u0117s pajamos sudaro <strong>650 t\u016bkst. eur\u0173<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Grynosios veiklos pajamos<\/strong><\/td>\n<td>Absoliutus metin\u0117s pajamos su at\u0117mus veiklos s\u0105naudas<\/td>\n<td>Jei nekilnojamasis turtas duoda 650 t\u016bkst. eur\u0173 per metus, o veiklos s\u0105naudos sudaro 100 t\u016bkst. eur\u0173 \u012f metus, nors grynasis veiklos pajam\u0173 bus lygus <strong>550 t\u016bkst. eur\u0173<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Grynas pinig\u0173 srautas<\/strong><\/td>\n<td>Metin\u0117 pelno, atsi\u017evelgiant \u012f operacini\u0173 i\u0161laid\u0173 ir i\u0161mok\u0173 d\u0117l b\u016bsto paskolos pal\u016bkanas, iki mokes\u010di\u0173 mok\u0117jimo<\/td>\n<td>\u0160iame pavyzdyje grynasis pinig\u0173 srautas, lygus <strong>300 t\u016bkst. eur\u0173<\/strong> per metus (650 t\u016bkst. (\u0430\u0440\u0435\u043d\u0434\u043d\u044b\u0439 pajamos) &#8211; 100 t\u016bkst. (veiklos s\u0105naudos) &#8211; 250 t\u016bkst. (mok\u0117jimo hipotekos))<\/td>\n<\/tr>\n<tr>\n<td><strong>Kapitalizacijos norma<\/strong><br \/>\n(cap rate)<\/td>\n<td>Po\u017ei\u016bris \u0161varios veiklos pelnas prie objekto vert\u0117s<\/td>\n<td>Jei grynosios veiklos pajamos sudaro 550 t\u016bkst. eur\u0173 per metus, o nekilnojamasis turtas vertas 10 milijon\u0173 eur\u0173, tai kapitalizacijos norma \u2014 <strong>5,5 %<\/strong> metini\u0173 pal\u016bkan\u0173<\/td>\n<\/tr>\n<tr>\n<td><strong>Did\u0117jan\u010dios i\u0161laidos<\/strong><\/td>\n<td>Rodo, kiek procent\u0173 per metus (prognoz\u0119) augs kaina nekilnojamasis turtas<\/td>\n<td>\u0160iame pavyzdyje vert\u0117s augimas yra <strong>2 %<\/strong> per metus<\/td>\n<\/tr>\n<tr>\n<td><strong>Cash-on-pinigai ROI<\/strong><br \/>\n(Return on Investment, pelningumo koeficientas \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0440\u043e\u0432\u0430\u043d\u043d\u043e\u0433\u043e kapitalo)<\/td>\n<td>\u0160is rodiklis lygus \u0433\u043e\u0434\u043e\u0432\u043e\u043c\u0443 \u0447\u0438\u0441\u0442\u043e\u043c\u0443 \u0434\u0435\u043d\u0435\u0436\u043d\u043e\u043c\u0443 \u043f\u043e\u0442\u043e\u043a\u0443, \u0434\u0435\u043b\u0435\u043d\u043d\u043e\u043c\u0443 \u012f lizdin\u0117 priemon\u0117s<\/td>\n<td>\u0160iame pavyzdyje cash-on-pinigai IG pasieks <strong>6 %<\/strong> metini\u0173 pal\u016bkan\u0173 (300 t\u016bkst. (grynasis pinig\u0173 srautas) \/ 5 mln (\u012fd\u0117tos l\u0117\u0161os))<\/td>\n<\/tr>\n<tr>\n<td><strong>IRR<\/strong><br \/>\n(Internal Rate of Return)<\/td>\n<td>Apskai\u010diuojamas remiantis rodikli\u0173, vis\u0173 pinig\u0173 sraut\u0173 per vis\u0105 laikotarp\u012f projekto<\/td>\n<td>Jei objektas i\u0161 pavyzdys vir\u0161 10 met\u0173 generuoja pinig\u0173 sraut\u0105 300 t\u016bkst. eur\u0173, o v\u0117liau investuotojas parduoda j\u012f u\u017e 12 milijon\u0173 eur\u0173, tai IRR pasieks <strong>9 % <\/strong>metini\u0173 pal\u016bkan\u0173<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Rizika<\/h2>\n<p>Rizika \u2014 tai tikimyb\u0117, kad nuostoli\u0173 d\u0117l bet koki\u0173 pakeitim\u0173. Kuo didesn\u0117 tikimyb\u0117 to, kad atsitiks \u043d\u0435\u043a\u043e\u0435 neigiamas \u012fvykis, tuo didesn\u0117 rizika. Jeigu investuotojas nori gauti didesn\u012f pelningum\u0105, jis turi b\u016bti pasiruo\u0161\u0119s priimti didesn\u0119 rizik\u0105. Pavyzd\u017eiui, \u043a\u043b\u044e\u0447\u0435\u0432\u043e\u043c tarnybos vir\u0161ininkas langai yra administracinis rinkoje \u2014 centrin\u0117je Londono \u2014 paklausa vir\u0161ija pasi\u016blym\u0105, ir tai veda prie suma\u017einti gr\u0105\u017eos segmente (norma \u2014 apie 4 %). Tuo pa\u010diu metu biur\u0173 rinka per ma\u017eiau nei reikalavo srityse suteikia investuotojui \u017eymiai didesn\u012f pelningum\u0105 (pvz., \u041b\u0438\u0432\u0435\u0440\u043f\u0443\u043b\u0435 \u2014 7 %), kai \u0161iek tiek \u043f\u043e\u0432\u044b\u0441\u0438\u0432\u0448\u0435\u043c\u0441\u044f rizikos.<\/p>\n<h2>Finansavimas<\/h2>\n<p>Kai kuriais atvejais investuotojai ima paskol\u0105 pirkti komercinio nekilnojamojo turto. \u0160is variantas \u0432\u044b\u0433\u043e\u0434\u0435\u043d tuo, kad paskola yra svirtis padidinti pelningum\u0105. Tiems, kurie nusprend\u0117 pasinaudoti banko finansavimu, verta i\u0161siai\u0161kinti, kokios s\u0105lygos galite tik\u0117tis:<\/p>\n<ul>\n<li>koks paskolos dydis, palyginti su i\u0161laid\u0173 objekto (Loan-To-Value Ratio, arba LTV);<\/li>\n<li>kokia pal\u016bkan\u0173 norma;<\/li>\n<li>koks yra terminas skolinimo;<\/li>\n<li>kokia komisija d\u0117l paskolos i\u0161davimo.<\/li>\n<\/ul>\n<p>Perkant investicinio turto Vokietijoje, skolininkas gali tik\u0117tis kredito dyd\u017eio 60 % nuo objekto vert\u0117 po 2 % per metus. Jei nuomos gr\u0105\u017eos objekto 6,5 % derlius \u012f \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0440\u043e\u0432\u0430\u043d\u043d\u044b\u0439 kapital\u0105, atsi\u017evelgiant \u012f paskolos gali siekti 8-10 %.<\/p>\n<p>            <b class=\"citation-author-name\">Georgijus \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432<\/b><\/p>\n<p> Generalinis direktorius ir \u012fk\u016br\u0117jas Tranio<\/p>\n<h2>Valdymas<\/h2>\n<p>&#8222;Geras valdymas yra pana\u0161us \u012f i\u0161skirtin\u012f piet\u016bs restorane: maistas gra\u017eus vaizdas ir skonis, ir \u043e\u0444\u0438\u0446\u0438\u0430\u043d\u0442\u044b \u0437\u0430\u0431\u043e\u0442\u043b\u0438\u0432\u044b ir \u043f\u0440\u0435\u0434\u0443\u043f\u0440\u0435\u0434\u0438\u0442\u0435\u043b\u044c\u043d\u044b. Svarbiausia \u2014 jums visi\u0161kai nereikia d\u0117l nieko r\u016bpintis&#8221;,\u2014 ra\u0161o Craig \u041a\u043e\u043f\u043f\u043e\u043b\u0430 (Craig Coppola), brokeris pagal komercinio nekilnojamojo turto JAV.<\/p>\n<p>\u017dinoma, savininkas gali u\u017esiimti veikia savaranki\u0161kai, bet patogiau samdyti \u012fmon\u0119, \u0441\u043f\u0435\u0446\u0438\u0430\u043b\u0438\u0437\u0438\u0440\u0443\u044e\u0449\u0443\u044e\u0441\u044f valdyti nekilnojamojo turto, nes tai pad\u0117s sutaupyti laiko objekto savininko.<\/p>\n<h2>I\u0161\u0117jimo strategija ir laiko investicij\u0173<\/h2>\n<p>Yra dvi strategijos i\u0161eiti i\u0161 investicij\u0173 projekto \u2014 siuntimas paveld\u0117jimo ir pardavimas.<\/p>\n<ul>\n<li><strong>Siuntimas turto paveld\u0117jimo<\/strong>. Su metais nekilnojamojo turto kainos auga, ir vien\u0105 ir t\u0105 pat\u012f objekt\u0105 gali b\u016bti nuosavyb\u0117s vienos \u0161eimos daugiau nei 100 met\u0173. Tod\u0117l sandoris tur\u0117t\u0173 b\u016bti sudarytas taip, kad turtas b\u016bt\u0173 galima si\u0173sti pagal paveld\u0117jimo teis\u0119 su minimu mokestini\u0173 nuostoli\u0173. Pavyzd\u017eiui, Pranc\u016bzijoje yra naudingas, ruo\u0161ti nekilnojamojo turto \u0433\u0440\u0430\u0436\u0434\u0430\u043d\u0441\u043a\u0443\u044e \u012fmon\u0119 operacij\u0173 su nekilnojamojo turto (SCI) \u2014 tokiu atveju n\u0117ra mokes\u010di\u0173 paveld\u0117jimo ir dovan\u0173.<\/li>\n<li><strong>Pardavimas<\/strong>. Normalus darbo laikas nuosavyb\u0117s \u0434\u043e\u0445\u043e\u0434\u043d\u043e\u0439 nekilnojamojo turto iki perpardavimo \u2014 10-20 met\u0173, bet pasitaiko ir situacij\u0173, kai savininkui reikia i\u0161eiti i\u0161 investicij\u0173 projekt\u0105 anks\u010diau, tod\u0117l objektas turi b\u016bti \u043b\u0438\u043a\u0432\u0438\u0434\u043d\u044b\u043c, tai yra tod\u0117l, kad j\u012f buvo galima parduoti grei\u010diau (per 2-4 m\u0117nesius) be dideli\u0173 nuostoli\u0173 vert\u0117s. Tai pasiekiama pirkti nekilnojamojo turto \u043f\u0440\u0435\u043c\u0438\u0430\u043b\u044c\u043d\u044b\u0445 \u043b\u043e\u043a\u0430\u0446\u0438\u044f\u0445, \u043c\u043d\u043e\u0433\u043e\u0432\u0430\u0440\u0438\u0430\u043d\u0442\u043d\u043e\u0441\u0442\u0438 naudojimo objektas ir pan<\/li>\n<\/ul>\n<h2>I\u0161vada<\/h2>\n<p>\u0413\u0440\u0430\u043c\u043e\u0442\u043d\u0430\u044f vertinimas vis\u0173 pozicij\u0173 tokiu check-lape, \u043f\u0440\u043e\u0438\u0437\u0432\u0435\u0434\u0435\u043d\u043d\u0430\u044f prie\u0161 perkant objekto nekilnojamojo turto, pad\u0117s apsaugoti investicijas \u012f nekilnojam\u0105j\u012f turt\u0105. Tokiu atveju verta rinktis \u043d\u0438\u0437\u043a\u043e\u0440\u0438\u0441\u043a\u043e\u0432\u044b\u0435 \u043b\u0438\u043a\u0432\u0438\u0434\u043d\u044b\u0435 objektai, stabilios rinkose ir ne persekioti u\u017e didel\u0119 gr\u0105\u017e\u0105.<\/p>\n<p>Katerina \u041a\u043e\u0436\u0435\u0432\u043d\u0438\u043a\u043e\u0432\u0430, &#8222;\u0422\u0440\u0430\u043d\u0438\u043e&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pirk\u0117jai nekilnojamojo turto u\u017esienyje vis da\u017eniau ie\u0161ko ne tik kaip b\u016bst\u0105, bet ir kaip objektas \u0432\u044b\u0433\u043e\u0434\u043d\u043e\u0433\u043e l\u0117\u0161as, ypa\u010d kriz\u0117s laikotarpiu.<\/p>\n","protected":false},"author":1,"featured_media":468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[145],"tags":[],"class_list":["post-1844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mokesciu-informacija-prancuzijoje"],"translation":{"provider":"WPGlobus","version":"3.0.0","language":"lt","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":false,"content":false,"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":true,"content":true,"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\/lt\/wp-json\/wp\/v2\/posts\/1844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nalog.fr\/lt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nalog.fr\/lt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nalog.fr\/lt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nalog.fr\/lt\/wp-json\/wp\/v2\/comments?post=1844"}],"version-history":[{"count":0,"href":"https:\/\/nalog.fr\/lt\/wp-json\/wp\/v2\/posts\/1844\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nalog.fr\/lt\/wp-json\/wp\/v2\/media\/468"}],"wp:attachment":[{"href":"https:\/\/nalog.fr\/lt\/wp-json\/wp\/v2\/media?parent=1844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nalog.fr\/lt\/wp-json\/wp\/v2\/categories?post=1844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nalog.fr\/lt\/wp-json\/wp\/v2\/tags?post=1844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}