{"id":2365,"date":"2020-02-13T17:36:01","date_gmt":"2020-02-13T14:36:01","guid":{"rendered":"http:\/\/nalog.fr\/skkontrolny-zoznam-kupujuci-co-by-ste-mali-vediet-pred-nakupom-komercnych-nehnutelnosti\/"},"modified":"2020-02-13T17:36:01","modified_gmt":"2020-02-13T14:36:01","slug":"skkontrolny-zoznam-kupujuci-co-by-ste-mali-vediet-pred-nakupom-komercnych-nehnutelnosti","status":"publish","type":"post","link":"https:\/\/nalog.fr\/sk\/skkontrolny-zoznam-kupujuci-co-by-ste-mali-vediet-pred-nakupom-komercnych-nehnutelnosti\/","title":{"rendered":"Kontroln\u00fd zoznam kupuj\u00faci: \u010do by ste mali vedie\u0165 pred n\u00e1kupom komer\u010dn\u00fdch nehnute\u013enost\u00ed"},"content":{"rendered":"<p>Kupuj\u00faci nehnute\u013enosti v zahrani\u010d\u00ed s\u00fa \u010doraz viac vn\u00edman\u00e9 nielen ako \u00fakryt, ale aj ako objekt pre ziskov\u00e9 invest\u00edcie, najm\u00e4 v \u010dasoch kr\u00edzy. V \u0161t\u00fadii &#8222;Cranio&#8220; na rok 2014 investi\u010dnej pr\u00ed\u0165a\u017elivosti je pre Rusov druh\u00fdm najd\u00f4le\u017eitej\u0161\u00edm faktorom pri k\u00fape nehnute\u013enosti v zahrani\u010d\u00ed.<\/p>\n<p>V porovnan\u00ed s obstaran\u00edm rekrea\u010dn\u00e9 domy invest\u00edcie do komer\u010dn\u00fdch nehnute\u013enost\u00ed vy\u017eaduj\u00fa viac seri\u00f3zny pr\u00edstup a d\u00f4kladnej anal\u00fdzy. Ak chcete u\u0161etri\u0165 \u010das a vyhn\u00fa\u0165 sa n\u00e1kladn\u00fdm chyb\u00e1m, pred n\u00e1kupom by ste mali vedie\u0165 z\u00e1kladn\u00e9 parametre investi\u010dn\u00e9ho projektu:<\/p>\n<ul>\n<li>poloha;<\/li>\n<li>rozpo\u010det;<\/li>\n<li>n\u00e1klady;<\/li>\n<li>funkcie n\u00e1jomnej zmluvy;<\/li>\n<li>v\u00fdnos;<\/li>\n<li>rizik\u00e1;<\/li>\n<li>financovania;<\/li>\n<li>mo\u017enost\u00ed riadenia;<\/li>\n<li>strat\u00e9gia odchodu z projektu.<\/li>\n<\/ul>\n<h2>Umiestnenie<\/h2>\n<p>V miestach, \u010do je do zna\u010dnej miery funkcia jej ziskovosti, rizika a likvidity. Napr\u00edklad, trust invest\u00edcie vo ve\u013ek\u00fdch mest\u00e1ch Rak\u00faska, ve\u013ekej Brit\u00e1nie, Nemecka, USA a vo Franc\u00fazsku. \u0160tudova\u0165 inform\u00e1cie o objekt je miesto, mali by ste venova\u0165 pozornos\u0165 nielen o krajine a meste, ale oblas\u0165, v ktorej sa nehnute\u013enos\u0165 nach\u00e1dza, a to:<\/p>\n<ul>\n<li>na infra\u0161trukt\u00fara: napr\u00edklad investovanie v bytov\u00fdch domoch je d\u00f4le\u017eit\u00e9 pr\u00edtomnos\u0165 v bl\u00edzkosti Parkovisko, a soci\u00e1lne zariadenia a obchody;<\/li>\n<li>v\u00fdhody a perspekt\u00edvy oblasti: to z\u00e1vis\u00ed od toho, \u010di v bud\u00facnosti zv\u00fd\u0161i\u0165 hodnotu objektu a pr\u00edjmy z pren\u00e1jmu;<\/li>\n<li>dopravn\u00e9 slu\u017eby okresn\u00fd: kde je najbli\u017e\u0161ia verejn\u00e1 doprava zastavi\u0165, \u010di je vo\u013en\u00fd pr\u00edstup k dia\u013enic, \u010do je vzdialenos\u0165, na hlavn\u00fdch dopravn\u00fdch uzloch.<\/li>\n<\/ul>\n<h2>Rozpo\u010det<\/h2>\n<p>Ako pravidlo, kupuj\u00faci s\u00fa invest\u00edcie do komer\u010dn\u00fdch nehnute\u013enost\u00ed vy\u017eaduje minim\u00e1lne 2,5 mili\u00f3na Eur, ako s men\u0161ie mno\u017estvo \u0165a\u017ek\u00e9 n\u00e1js\u0165 kvalitn\u00e9 a n\u00edzkym rizikom objektu. Rozpo\u010dtu z\u00e1vis\u00ed do zna\u010dnej miery na v\u00fdber druh nehnute\u013enosti.<\/p>\n<\/p>\n<h3>Typy komer\u010dn\u00fdch nehnute\u013enost\u00ed a ich parametre<br \/>\nTranio \u00fadajov (priemern\u00e9 odpor\u00fa\u010dan\u00e9 hodnoty)*<\/h3>\n<table class=\"left\">\n<tr>\n<th>Typy<br \/>\nobjekty<\/th>\n<th>V\u00fdnos,<br \/>\n% p<\/th>\n<th>\u010cas<br \/>\nzmluva<br \/>\npren\u00e1jom<\/th>\n<th>V\u00fdhody<\/th>\n<th>Nev\u00fdhody<\/th>\n<\/tr>\n<tbody>\n<tr>\n<th colspan=\"5\"><strong>Z 300-tis\u00edc eur<\/strong><\/th>\n<\/tr>\n<tr>\n<td>Apartm\u00e1n (kr\u00e1tkodob\u00fd pren\u00e1jom)<\/td>\n<td>5-7<\/td>\n<td>Od 1. de\u0148<\/td>\n<td>Vysok\u00e1 likvidita; v porovnan\u00ed s rokom dlhodob\u00fd pren\u00e1jom \u2014 vy\u0161\u0161\u00ed v\u00fdnos a \u017eiadne probl\u00e9my s vys\u0165ahovanie n\u00e1jomn\u00edkov; potenci\u00e1l pre rast pren\u00e1jom<\/td>\n<td>Rizik\u00e1 a riadenie prestoje; v porovnan\u00ed s dlhodobom pren\u00e1jme \u2014 viac r\u00fdchle opotrebovanie<\/td>\n<\/tr>\n<tr>\n<td>Apartm\u00e1n (dlhodob\u00fd pren\u00e1jom)<\/td>\n<td>2-3<\/td>\n<td>Ako 1 rok<\/td>\n<td>Vysok\u00e1 likvidita; vysok\u00e9ho dopytu od n\u00e1jomn\u00edkov, stabiln\u00e9 aj po\u010das kr\u00edzy<\/td>\n<td>Rizik\u00e1 a riadenie prestoje; probl\u00e9my s vys\u0165ahovanie n\u00e1jomn\u00edkov<\/td>\n<\/tr>\n<tr>\n<td>\u0160tudentsk\u00e9 b\u00fdvanie<\/td>\n<td>4-6<\/td>\n<td>Od 6 mesiacov<\/td>\n<td>Vysok\u00fd dopyt od n\u00e1jomn\u00edkov<\/td>\n<td>V porovnan\u00ed s apartm\u00e1ny \u2014 ni\u017e\u0161ia likvidita, je \u0165a\u017ek\u00e9 opakovan\u00e9 vyu\u017eitie toho<\/td>\n<\/tr>\n<tr>\n<th colspan=\"5\"><strong>Z 2,5 mili\u00f3na eur<\/strong><\/th>\n<\/tr>\n<tr>\n<td>Bytov\u00e9 domy<\/td>\n<td>3-5<\/td>\n<td>Ako 1 rok<\/td>\n<td>Vysok\u00e1 likvidita a potenci\u00e1l rastu kapitaliz\u00e1ciu<\/td>\n<td>N\u00edzky v\u00fdnos, ve\u013ea n\u00e1jomn\u00edkov, probl\u00e9my, vys\u0165ahovanie, potrebujete spr\u00e1vcovskej spolo\u010dnosti<\/td>\n<\/tr>\n<tr>\n<td>Ulice, obchody<\/td>\n<td>3-4<\/td>\n<td>3-10 rokov<\/td>\n<td>Vysok\u00e1 likvidita a potenci\u00e1l rastu kapitaliz\u00e1ciu<\/td>\n<td>N\u00edzky v\u00fdnos<\/td>\n<\/tr>\n<tr>\n<td>Supermarkety<\/td>\n<td>5-6,5<\/td>\n<td>12-15 rokov<\/td>\n<td>Vysok\u00fd v\u00fdnos dlhodob\u00fdch zml\u00fav<\/td>\n<td>\u010c\u00edm bli\u017e\u0161ie je d\u00e1tum skon\u010denia platnosti zmluvy, t\u00fdm ni\u017e\u0161ia likvidita<\/td>\n<\/tr>\n<tr>\n<th colspan=\"5\"><strong>Z 10 mili\u00f3nov eur<\/strong><\/th>\n<\/tr>\n<tr>\n<td>Dom\u00e1cej o\u0161etrovate\u013eskej<\/td>\n<td>5-6,5<\/td>\n<td>20-25 rokov<\/td>\n<td>Rast po\u010dtu d\u00f4chodcov, dlhodob\u00e9 zmluvy<\/td>\n<td>Je \u0165a\u017ek\u00e9 opakovan\u00e9 vyu\u017eitie toho<\/td>\n<\/tr>\n<tr>\n<td>N\u00e1kupn\u00e9 centr\u00e1<\/td>\n<td>4-6<\/td>\n<td>5-15 rokov<\/td>\n<td>Vysok\u00fd v\u00fdnos<\/td>\n<td>Rizik\u00e1 riadenia pre ve\u013ek\u00fd po\u010det n\u00e1jomn\u00edkov<\/td>\n<\/tr>\n<tr>\n<td>Hotely<\/td>\n<td>4-6<\/td>\n<td>10-20 rokov<\/td>\n<td>Vysok\u00fd v\u00fdnos<\/td>\n<td>Je \u0165a\u017ek\u00e9 opakovan\u00e9 vyu\u017eitie toho<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>* Priemern\u00e9 hodnoty pre objekty:<\/p>\n<ul>\n<li>v bohat\u00fdch oblastiach ve\u013ek\u00fdch Eur\u00f3pskych mest\u00e1ch;<\/li>\n<li>nov\u00e9 objekty, alebo po ve\u013ek\u00e9 opravy,<\/li>\n<li>n\u00e1jomn\u00fdch zml\u00fav na za\u010diatku obdobia platnosti.<\/li>\n<\/ul>\n<h2>N\u00e1klady na n\u00e1kup a \u00fadr\u017ebu<\/h2>\n<p>Pri pl\u00e1novan\u00ed rozpo\u010dtu, to stoj\u00ed za zv\u00e1\u017eenie, \u017ee n\u00e1klady na spracovanie transakci\u00ed v rozsahu od 5% do 20% z n\u00e1kladov na projekt v z\u00e1vislosti od typu nehnute\u013enosti, cenu a typu transakcie. Tak\u00e9to n\u00e1klady zah\u0155\u0148aj\u00fa not\u00e1rske slu\u017eby a n\u00e1klady \u0161t\u00e1tu registr\u00e1cie, n\u00e1kup dane, Komisia a makl\u00e9r n\u00e1klady na postup overovania pr\u00e1vnej \u010distoty transakcie \u2014 Due Diligence.<\/p>\n<p>Okrem toho, po k\u00fape majite\u013e \u010dak\u00e1 na n\u00e1klady: n\u00e1klady za slu\u017eby spr\u00e1vcovskej spolo\u010dnosti, pom\u00f4cky a opravy, poistenie a dane (dane z nehnute\u013enost\u00ed a dane z pr\u00edjmov pr\u00e1vnick\u00fdch os\u00f4b). Investorom sa odpor\u00fa\u010da venova\u0165 pozornos\u0165 pr\u00edtomnosti oslobodenie od dane a odvody a podmienky ich prijatia. M\u00f4\u017eu v\u00fdrazne zn\u00ed\u017ei\u0165 n\u00e1klady a zv\u00fd\u0161i\u0165 zisky.<\/p>\n<p>Ak\u00e9 n\u00e1klady s\u00fa hraden\u00e9 majite\u013ea a ktor\u00e9 n\u00e1jomca z\u00e1vis\u00ed od typu n\u00e1jomnej zmluvy.<\/p>\n<h2>N\u00e1jomn\u00edci a n\u00e1jomnej zmluvy<\/h2>\n<p>Pri sk\u00faman\u00ed podmienok pren\u00e1jmu by mala ur\u010di\u0165, ak je objekt je objednan\u00fd, ktor\u00fd je kotva oper\u00e1tora a ak\u00e1 je spo\u013eahlivos\u0165 jednotlivcov alebo spolo\u010dnost\u00ed, pren\u00e1jom priestorov. Ste mali venova\u0165 pozornos\u0165 na percento z prenajat\u00fdch priestorov \u2014 v ide\u00e1lnom pr\u00edpade, priemern\u00e1 ro\u010dn\u00e1 obsadenos\u0165 kurzu, nesmie by\u0165 ni\u017e\u0161ia ako 90 %.<\/p>\n<p>D\u00f4le\u017eit\u00e1 je tie\u017e typ pren\u00e1jom (z\u00e1vis\u00ed to od mno\u017estva, n\u00e1klady na \u00fadr\u017ebu, a t\u00fdm aj ziskov\u00e9 mar\u017ee).<\/p>\n<\/p>\n<h3>Typy pren\u00e1jom<\/h3>\n<table class=\"left\" style=\"max-width:85%;\">\n<tr>\n<th>Typ pren\u00e1jmu<\/th>\n<th>Funkcie<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td>Hrub\u00fd pren\u00e1jom pren\u00e1jom<\/td>\n<td>Vlastn\u00edk nehnute\u013enosti vykon\u00e1va v\u0161etky v\u00fdpo\u010dty pre pom\u00f4cky, n\u00e1klady na opravu a prev\u00e1dzku budovy, plat\u00ed poistenie, a (niekedy) dane<\/td>\n<\/tr>\n<tr>\n<td>N pren\u00e1jom<br \/>(Jedin\u00e9 \u010dist\u00e9 l\u00edzingu)<\/td>\n<td>N\u00e1jomca zaplat\u00ed da\u0148 len na nehnute\u013enosti, v\u0161etky ostatn\u00e9 n\u00e1klady zn\u00e1\u0161a vlastn\u00edk<\/td>\n<\/tr>\n<tr>\n<td>NN pren\u00e1jom<br \/>(Man\u017eelsk\u00e1 \u010dist\u00fd l\u00edzingu)<\/td>\n<td>N\u00e1jomca zaplat\u00ed dane a poistenie<\/td>\n<\/tr>\n<tr>\n<td>NNN pren\u00e1jom<br \/>(Triple \u010dist\u00fd l\u00edzingu)<\/td>\n<td>Vlastn\u00edk poplatky prenaj\u00edmate\u013eovi poplatok, &#8222;triple&#8220;, ktor\u00fd je bez odpo\u010d\u00edtania dane, poistenie a n\u00e1klady na \u00fadr\u017ebu (tieto n\u00e1klady pod\u013ea zmluvy hrad\u00ed n\u00e1jomca)<\/td>\n<\/tr>\n<tr>\n<td>Absol\u00fatne NNN pren\u00e1jom<\/td>\n<td>V\u0161etky n\u00e1klady zn\u00e1\u0161a n\u00e1jomca, dokonca aj v pr\u00edpade, \u017ee objekt je po\u0161koden\u00fd po\u010das pr\u00edrodn\u00fdch katastrof a potrebujete \u010diasto\u010dn\u00e1 prestavba<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Pre investorov najlep\u0161ie posledn\u00e9 dva typy zml\u00fav: pod\u013ea ich n\u00e1zoru, n\u00e1klady na udr\u017eiavanie nehnute\u013enosti od vlastn\u00edka, je minim\u00e1lna.<\/p>\n<p>Tie\u017e by ste si mali vopred ur\u010di\u0165 dobu trvania leasingu. To do zna\u010dnej miery z\u00e1vis\u00ed od ochoty investorov riskova\u0165: napr\u00edklad, ak nie je pripraven\u00fd strati\u0165 n\u00e1jomn\u00edkov, je pravdepodobn\u00e9, \u017ee investova\u0165 do nehnute\u013enosti s dlhodob\u00fdch n\u00e1jomn\u00fdch zml\u00fav. Naopak, ke\u010f riziko pre investora je prijate\u013en\u00e9, bude pova\u017eova\u0165 majetok vhodn\u00fd na konci alebo kr\u00e1tkodob\u00fd pren\u00e1jom zmluvy.<\/p>\n<h2>V\u00fdnos<\/h2>\n<p>Pod\u013ea v\u00fdnosu mo\u017eno pova\u017eova\u0165 za absol\u00fatny ro\u010dn\u00fd pr\u00edjem, pe\u0148a\u017en\u00fdch tokov, prev\u00e1dzkov\u00e9 v\u00fdnosy, miera kapitaliz\u00e1cie, rast, n\u00e1kladov, pe\u0148a\u017en\u00fdch-o-hotovos\u0165, NI a IRR. Je d\u00f4le\u017eit\u00e9 pochopi\u0165, ak\u00fd typ v\u00fdnos hovor\u00ed pred\u00e1vaj\u00faceho. Napr\u00edklad, ako je to zn\u00e1zornen\u00e9 v pr\u00edklade ni\u017e\u0161ie, IRR mohol dosiahnu\u0165 9 %, zatia\u013e \u010do kapitaliz\u00e1cie sadzba 5,5 %.<\/p>\n<\/p>\n<h3>Vzorov\u00e9 \u00fadaje<\/h3>\n<table class=\"left\">\n<tbody>\n<tr>\n<th><strong>Hodnoty predmetu<\/strong>\n<\/th>\n<td>10 mili\u00f3nov eur<\/td>\n<\/tr>\n<tr>\n<td><strong>N\u00e1klady na n\u00e1kup<\/strong><\/td>\n<td>1 mili\u00f3n eur<\/td>\n<\/tr>\n<tr>\n<td><strong>Invest\u00edcie<\/strong><\/td>\n<td>5 mili\u00f3nov eur<\/td>\n<\/tr>\n<tr>\n<td><strong>LTV<\/strong><\/td>\n<td>60 %<\/td>\n<\/tr>\n<tr>\n<td><strong>\u00daroky z \u00faveru<\/strong><\/td>\n<td>2,4 percenta<\/td>\n<\/tr>\n<tr>\n<td><strong>Pr\u00edjmy z pren\u00e1jmu<\/strong><\/td>\n<td>650-tis\u00edc eur ro\u010dne<\/td>\n<\/tr>\n<tr>\n<td><strong>Prev\u00e1dzkov\u00e9 n\u00e1klady<\/strong><\/td>\n<td>100 tis\u00edc eur ro\u010dne<\/td>\n<\/tr>\n<tr>\n<td><strong>Rast\u00face n\u00e1klady na<\/strong><\/td>\n<td>2% ro\u010dne<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Typy v\u00fdnos<\/h3>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Typ vr\u00e1ti\u0165<\/th>\n<th>Defin\u00edcie a sp\u00f4sob v\u00fdpo\u010dtu<\/th>\n<th>Pr\u00edklad<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Absol\u00fatne ro\u010dn\u00e9 vr\u00e1ti\u0165<\/strong><\/td>\n<td>\u017de d\u00e1va pren\u00e1jom nehnute\u013enost\u00ed v roku pred odpo\u010d\u00edtan\u00ed prev\u00e1dzkov\u00fdch n\u00e1kladov, platby na hypot\u00e9ky a dan\u00ed<\/td>\n<td>V pr\u00edklade objektu v hodnote 10 mili\u00f3nov eur vytv\u00e1ra absol\u00fatny ro\u010dn\u00fd pr\u00edjem $ <strong>650-tis\u00edc eur<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u010cist\u00fd prev\u00e1dzkov\u00fd zisk<\/strong><\/td>\n<td>Absol\u00fatne ro\u010dn\u00e9 pr\u00edjmy m\u00ednus prev\u00e1dzkov\u00e9 n\u00e1klady<\/td>\n<td>Ak estate prin\u00e1\u0161a 650-tis\u00edc eur za rok, prev\u00e1dzkov\u00e9 n\u00e1klady sumu 100-tis\u00edc eur za rok, netto prev\u00e1dzkov\u00fd zisk sa rovn\u00e1 <strong>550 tis\u00edc Eur<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u010cist\u00e9 pe\u0148a\u017en\u00e9 toky<\/strong><\/td>\n<td>Ro\u010dn\u00fd zisk prihliadnut\u00edm na prev\u00e1dzkov\u00e9 n\u00e1klady a hypotek\u00e1rne platby, pred dane<\/td>\n<td>V pr\u00edklade \u010dist\u00fd pe\u0148a\u017en\u00fd tok sa rovn\u00e1 <strong>300 tis\u00edc Eur<\/strong> za rok (650 mili\u00f3nov eur (pr\u00edjmy z pren\u00e1jmu) &#8211; 100 mili\u00f3nov \u20ac (prev\u00e1dzkov\u00e9 n\u00e1klady) &#8211; 250 tis\u00edc (hypotek\u00e1rne spl\u00e1tky))<\/td>\n<\/tr>\n<tr>\n<td><strong>Miera kapitaliz\u00e1cie<\/strong><br \/>\n(spp kurz)<\/td>\n<td>Pomer \u010dist\u00fd prev\u00e1dzkov\u00fd pr\u00edjem na hodnotu objektu<\/td>\n<td>Ak \u010dist\u00fd prev\u00e1dzkov\u00fd zisk je 550-tis\u00edc eur za rok, a majetok v hodnote 10 mili\u00f3nov eur, miera kapitaliz\u00e1cie \u2014 <strong>5,5 %<\/strong> ro\u010dn\u00e1<\/td>\n<\/tr>\n<tr>\n<td><strong>Rast\u00face n\u00e1klady na<\/strong><\/td>\n<td>Ukazuje, ko\u013eko percent ro\u010dne (progn\u00f3za) zv\u00fd\u0161i cena nehnute\u013enosti<\/td>\n<td>V pr\u00edklade, hodnota rastu je <strong>2 %<\/strong> ro\u010dne<\/td>\n<\/tr>\n<tr>\n<td><strong>Peniaze-na-Hotovos\u0165, NI<\/strong><br \/>\n(N\u00e1vratnos\u0165 Invest\u00edci\u00ed, ziskov\u00e9 mar\u017ee na investovan\u00fd kapit\u00e1l)<\/td>\n<td>Tento obr\u00e1zok je rovn\u00e1 ro\u010dn\u00e9 \u010dist\u00e9 pe\u0148a\u017en\u00e9 toky delen\u00e9 investovan\u00fdch prostriedkov<\/td>\n<td>V pr\u00edklade, peniaze-na-hotovos\u0165, NI bude <strong>6 %<\/strong> ro\u010dne (300 tis. \u20ac (netto cash flow) \/ 5 mili\u00f3nov eur (invest\u00edcie))<\/td>\n<\/tr>\n<tr>\n<td><strong>IRR<\/strong><br \/>\n(Vn\u00fatorn\u00e1 Miera N\u00e1vratnosti)<\/td>\n<td>Na z\u00e1klade v\u00fdsledkov v\u0161etk\u00fdch pe\u0148a\u017en\u00fdch tokov za cel\u00e9 obdobie projektu<\/td>\n<td>Ak je objekt v pr\u00edklade vy\u0161\u0161ie, na 10 rokov generuje pe\u0148a\u017en\u00e9 toky z 300-tis\u00edc eur, a potom investor pred\u00e1 ho za 12 mili\u00f3nov Eur, IRR bude <strong>9 % <\/strong>ro\u010dne<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Rizik\u00e1<\/h2>\n<p>Riziko je pravdepodobnos\u0165, \u017ee straty v d\u00f4sledku ak\u00fdchko\u013evek zmien. T\u00fdm v\u00e4\u010d\u0161ia je \u0161anca, \u017ee sa stane niektor\u00e9 negat\u00edvne udalosti, t\u00fdm v\u00e4\u010d\u0161ie riziko. Ak investor chce, aby ve\u013ek\u00e9 v\u00fdnosy, mus\u00ed by\u0165 ochotn\u00ed akceptova\u0165 vy\u0161\u0161ie riziko. Napr\u00edklad, v key office trhu v centre Lond\u00fdna \u2014 dopyt prevy\u0161uje dod\u00e1vky, a to vedie k poklesu ziskovosti v segmente (vo v\u00fd\u0161ke cca 4 %). Z\u00e1rove\u0148 \u00farad na trhu v menej popul\u00e1rnych oblastiach d\u00e1va investor ove\u013ea v\u00e4\u010d\u0161\u00ed vr\u00e1ti\u0165 (napr\u00edklad, v Liverpool \u2014 7 %) s mierne zv\u00fd\u0161en\u00fdm rizikom.<\/p>\n<h2>Financovanie<\/h2>\n<p>V niektor\u00fdch pr\u00edpadoch, investori vezm\u00fa \u00faver na k\u00fapu komer\u010dn\u00fdch nehnute\u013enost\u00ed. T\u00e1to mo\u017enos\u0165 je u\u017eito\u010dn\u00e1 preto, \u017ee \u00faver je p\u00e1\u010dky na zv\u00fd\u0161enie ziskovosti. T\u00ed, ktor\u00ed sa rozhodli vyu\u017ei\u0165 Bankov\u00fd \u00faver, je zisti\u0165, ak\u00e9 podmienky si m\u00f4\u017eete o\u010dak\u00e1va\u0165:<\/p>\n<ul>\n<li>ak\u00e1 je ve\u013ekos\u0165 \u00faveru oproti hodnota majetku (Loan-To-Value Ratio, alebo LTV);<\/li>\n<li>ak\u00e1 je \u00farokov\u00e1 sadzba;<\/li>\n<li>\u010do je p\u00f4\u017ei\u010dka doba;<\/li>\n<li>\u010do je Komisia pre poskytnutie \u00faveru.<\/li>\n<\/ul>\n<p>Pri n\u00e1kupe investi\u010dn\u00e9ho majetku v Nemecku, dl\u017en\u00edk m\u00f4\u017ee o\u010dak\u00e1va\u0165, \u017ee \u00faver vo v\u00fd\u0161ke 60% z hodnoty nehnute\u013enosti na 2% ro\u010dne. Ke\u010f budete pren\u00e1jom nehnute\u013enost\u00ed v\u00fdnos 6.5% n\u00e1vratnos\u0165 investovan\u00e9ho kapit\u00e1lu na z\u00e1klade \u00faveru m\u00f4\u017ee dosiahnu\u0165 a\u017e na 8-10 %.<\/p>\n<p>            <b class=\"citation-author-name\">Georgij Kachmazov<\/b><\/p>\n<p> Gener\u00e1lny RIADITE\u013d a zakladate\u013e Tranio<\/p>\n<h2>Riadenie<\/h2>\n<p>&#8222;Dobr\u00e9 riadenie, je podobn\u00e9 ako vynikaj\u00faci obed v re\u0161taur\u00e1cii: jedlo je kr\u00e1sny vzh\u013ead a chu\u0165, a \u010da\u0161n\u00edci s\u00fa starostlivos\u0165 a u\u017eito\u010dn\u00e9. A \u010do je najd\u00f4le\u017eitej\u0161ie \u2014 nemus\u00edte sa stara\u0165,&#8220; p\u00ed\u0161e Craig Coppola (Coppola Craig), makl\u00e9r na komer\u010dn\u00e9 nehnute\u013enosti USA.<\/p>\n<p>Samozrejme, majite\u013e m\u00f4\u017eete spravova\u0165 na vlastn\u00e9, ale je to pohodlnej\u0161ie naja\u0165 spolo\u010dnos\u0165, ktor\u00e1 sa \u0161pecializuje na realitn\u00e9 riadenia, ako to pom\u00f4\u017ee u\u0161etri\u0165 \u010das pre majite\u013ea objektu.<\/p>\n<h2>Strat\u00e9gia odchodu a na\u010dasovanie invest\u00edci\u00ed<\/h2>\n<p>Existuj\u00fa dve strat\u00e9gie odchodu z investi\u010dn\u00e9ho projektu je transfer z dedi\u010dstva a predaj.<\/p>\n<ul>\n<li><strong>Prevod majetku dedi\u010dstvom<\/strong>. V priebehu rokov, hodnota majetku sa zvy\u0161uje, a ten ist\u00fd objekt m\u00f4\u017ee by\u0165 vo vlastn\u00edctve jednej rodiny, pre viac ako 100 rokov. Preto, transakcie by mali by\u0165 \u0161trukt\u00farovan\u00e9 tak, \u017ee majetok m\u00f4\u017ee by\u0165 dedi\u010dn\u00e1, s minim\u00e1lnou da\u0148ov\u00fdch str\u00e1t. Napr\u00edklad vo Franc\u00fazsku je v\u00fdhodn\u00e9 k\u00fapi\u0165 nehnute\u013enos\u0165 ob\u010dianskej spolo\u010dnosti, realitn\u00e9 transakcie (SCI) \u2014 v tomto pr\u00edpade, nie s\u00fa tam \u017eiadne dane z dedi\u010dstva a darovania.<\/li>\n<li><strong>Predaj<\/strong>. Obvykl\u00e1 doba vlastn\u00edctva, v\u00fdnosy majetku pred jeho \u010fal\u0161ieho predaja \u2014 10-20 rokov, ale existuj\u00fa situ\u00e1cie, kedy nosite\u013e mus\u00ed odst\u00fapi\u0165 z investi\u010dn\u00e9ho projektu za\u010diatku, tak\u017ee objekt mus\u00ed by\u0165 tekut\u00e9, teda, tak, \u017ee to m\u00f4\u017ee by\u0165 r\u00fdchlo sa pred\u00e1vaj\u00fa (2-4 mesiace) bez v\u00fdraznej straty hodnoty. Toto je dosiahnut\u00e9 prostredn\u00edctvom n\u00e1kupu nehnute\u013enosti v premium miesta, variabilitu pou\u017eitia objektu, at\u010f.<\/li>\n<\/ul>\n<h2>Z\u00e1ver<\/h2>\n<p>Pr\u00edslu\u0161n\u00fd hodnotenie v\u0161etk\u00fdch polo\u017eiek, ktor\u00e9 s\u00fa v tomto kontroln\u00fd zoznam, vyroben\u00e9 pred k\u00fapou nehnute\u013enosti v\u00e1m pom\u00f4\u017eu chr\u00e1ni\u0165 invest\u00edcie do nehnute\u013enost\u00ed. Preto je nutn\u00e9 zvoli\u0165 n\u00edzkym rizikom kvapaliny objekty v stabiln\u00fdch trhov, a nie nah\u00e1\u0148a\u0165 ve\u013ek\u00e9 zisky.<\/p>\n<p>Yulia Kozhevnikova, &#8222;Tranio&#8220;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kupuj\u00faci nehnute\u013enosti v zahrani\u010d\u00ed s\u00fa \u010doraz viac vn\u00edman\u00e9 nielen ako \u00fakryt, ale aj ako objekt pre ziskov\u00e9 invest\u00edcie, najm\u00e4 v<\/p>\n","protected":false},"author":1,"featured_media":468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[152],"tags":[],"class_list":["post-2365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-danove-informacie-vo-francuzsku"],"translation":{"provider":"WPGlobus","version":"3.0.0","language":"sk","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":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":true,"content":true,"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\/sk\/wp-json\/wp\/v2\/posts\/2365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nalog.fr\/sk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nalog.fr\/sk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nalog.fr\/sk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nalog.fr\/sk\/wp-json\/wp\/v2\/comments?post=2365"}],"version-history":[{"count":0,"href":"https:\/\/nalog.fr\/sk\/wp-json\/wp\/v2\/posts\/2365\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nalog.fr\/sk\/wp-json\/wp\/v2\/media\/468"}],"wp:attachment":[{"href":"https:\/\/nalog.fr\/sk\/wp-json\/wp\/v2\/media?parent=2365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nalog.fr\/sk\/wp-json\/wp\/v2\/categories?post=2365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nalog.fr\/sk\/wp-json\/wp\/v2\/tags?post=2365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}