Real estate have always been an investment pillar. Investors are often found with a dilemma: should we favor new or old real estate? Each of these options has advantages and disadvantages. This article offers a detailed analysis of these two types of investment by taking into account fiscal aspects, profitability and practical considerations.
The objective is to help you better understand the advantages of each option and make an informed decision according to its objectives.
Fiscal advantages: an important distinction
New real estate: many tax incentives
New real estate offers a series of tax advantages, often designed to encourage the construction of new homes. The best known system in France is the Pinel lawwhich allows investors to benefit from a significant tax reduction. Under certain conditions, including the rental of the property for 6 to 12 years, investors can obtain a reduction of up to 21 % in the total amount of the investment.
Other devices, such as reduced VAT (5.5 % instead of 20 %) for the acquisition of housing in certain areas, or even exemption from property tax during the first two years after construction, strengthen the attraction of investment in new. According to a study conducted by Inmostata In 2022, investments in new real estate in France increased by 5 % compared to the previous year, mainly thanks to these tax advantages.
Old Real Estate: Specific but rare devices
Investment in old real estate also offers some tax advantages, but are less systematic. The device Mallaux It allows, for example, to benefit from tax reductions during the restoration of old buildings located in safeguarding sectors. The amendment Historical monuments It also offers tax advantages to those who invest in classified historical goods.
However, these advantages are less accessible than those of new real estate. The old market is also subject to higher notary rates, an average of 7 to 8 %, compared to 2 to 3 % in new, which can weigh the immediate investment of investment.
Profitability: The nerve of war
New real estate: long -term profitability and assessment of heritage
One of the main attractions of new real estate is its long -term profitability. The new buildings are generally built according to the most recent standards, especially in terms of energy performance (RT 2012 and soon RE 2020). This means that the costs of energy invoices are often lower, which can be an argument to attract tenants.
In addition, the new property generally does not require work for many years. Therefore, investors can expect better stability in net profitability. According to an analysis of the Federation of real estate developers (FPI)A new property can have gross rentability of 3 to 4 %, with a stronger patrimonial assessment than the previous one due to its appeal in the real estate market.
However, the initial cost is often greater. The price per square meter of a new property can exceed between 15 and 25 % as that of an old good in the same geographical area, which can reduce access to immediate profitability, especially if the property is in areas where the demand for rent is uncertain.
Old Real Estate: Potentially greater profitability, but with costs
Old real estate often offers more attractive immediate profitability. According to a study conducted by Best agents In 2021, gross profitability of old real estate can reach 5 to 7 %, especially in municipal centers of large agglomerations. This is explained by a more affordable purchase price compared to new real estate.
However, it is also necessary to take into account the additional costs linked to renewal and maintenance. Ancient real estate often require rehabilitation, or even update to standards (especially energy), which can weigh net profitability. A report of Chamber of Notaries of Paris It reveals that renewal costs in the old can represent between 10 and 20 % of the initial purchase price.
Practical aspects: comfort and attraction of goods
New real estate: modernity and low interview
Investing in new real estate is opting for tranquility. The new products are designed according to the latest technical and environmental standards. They often incorporate modern equipment (heating, isolation, etc.) that not only reduce loads, but also to offer a higher life comfort than that of old homes.
In addition, the fact that a new property is guaranteed by the decenal guarantee (Surely it covers structural damage for 10 years) limits the risks to the investor. This means that for a decade, repairs linked to construction defects are backed by the manufacturer, which represents a considerable advantage for those who seek to minimize tacas linked to maintenance.
Old Real Estate: charm and privileged location
On the other hand, Old Real Estate often presents an architectural charm that is not in the new. High roofs, moldings, old parquet floors are elements that attract many tenants or potential buyers. In addition, ancient goods are often found in central or historical districts, where new constructions are rare.
This strategic location provides access to a sustained rental demand, especially in the main cities. Therefore, even if the property requires renewal work, its location can guarantee short and medium term profitability.
However, the maintenance of old goods can be binding. Co -ownership ownership positions may be higher, especially if the building requires significant work, such as roof repair or elevators. Therefore, it is crucial to analyze the possible positions before investing in this type of good.
Other considerations: resale and market dynamism
New real estate: high demand and assessment
The new real estate market is brought by the growing demand, especially due to the desire of homes to reduce their energy consumption and live in modern and comfortable homes. This results in a faster assessment of new goods, especially in areas with high rental demand.
In addition, in the resale, a new good retains a certain attraction. The absence of work to wait and energy performance makes it appreciated by buyers. According to a study of Sow In 2023, the new homes were sold on average 10 % more expensive than old homes with equivalent characteristics.
Ancient real estate: a less immediate resale
On the other hand, ancient goods can be more difficult to resell, especially if an important job is expected. However, by investing in an old good with an architectural cache or a privileged location, it is possible to attract buyers in search of authenticity.
Depending on the state and economic cycles of the market, old goods may experience a significant increase in value, especially if renovations have been made. However, it is more risky to have a rapid assessment, since it depends largely on the economic situation and the renewal work carried out.
Conclusion: an election depending on its objectives
The choice between investing in new or old real estate depends on its financial objectives, its risk tolerance and its ability to manage the limitations related to maintenance and taxes. The new real estate, with their tax advantages and their tranquility, is ideal for those who favor a long -term approach and wish to minimize maintenance costs. Ancient real estate, with their potentially higher profitability and its undeniable charm, is perfect for investors ready to participate in renewal work and maximize their short -term profitability.
Whatever your choice, an in -depth analysis of the advantages and disadvantages of each option will allow you to optimize your real estate investment.
