In 2001, in Vincennes (Val-de-Marne), an extraordinary sale took place on the Villa des Nymphéas program. The usufruct and bare ownership have been separated. The first, the right to use the property and benefit from it, was allocated for twenty years to a social landlord. The second was sold to individual investors by the specialized operator Perl, with a price reduction. One of them was able to acquire a three-room apartment of 60 square meters for 92,600 euros and recently resell it, after having regained full ownership of the property, for 600,000 euros. Certainly, this saver received no income for two decades, but the discount linked to the transfer of the usufruct and the valuation of the real estate market allowed him to take a nice turn!
This investment solution still exists today. At the moment, this discount, associated with the trough experienced by the market, allows interesting acquisitions, bringing potential capital gains. Several players offer this type of service, such as Perl, a pioneer in the sector, but also Agarim or Inter Invest. All propose to transfer the usufruct for a given period to a social landlord. The latter rents the property at a moderate rent, then, at the end of the dismemberment period, relocates the tenant and restores the home. “The choice of the social landlord and the monitoring of its contractual obligations are key to preserving the profitability of the operation,” warns the general director of Perl, Nicolas de Bucy.
To study from 45 years old
Concretely, this means that, when you choose such an arrangement, you must be vigilant to the fact that the company which markets it secures the contract, in its drafting and in its monitoring. This is the sine qua none condition for the purchased apartment to be released on time, when you regain full ownership of it, and in good condition, so that you can resell it, rent it or even live in it.
Who might benefit from investing this way? “Mainly those who want to build assets with zero constraints and zero taxation,” says Jérôme Devaud, deputy general manager of Inter Invest, which offers dismembered properties for fifteen to twenty years, with a purchase price discount ranging from up to 35%. Historically, this type of acquisition interested wealthy households, who sought to develop their assets without the operation generating income, which was highly taxable, nor being included in the real estate wealth tax base. (IFI). Another advantage: transmitting assets at lower costs, because they are taxed on the value of the bare ownership alone. From now on, the profile is getting younger and purchases start from the age of 45: expatriates who cannot manage a rental property, executives anticipating their retirement, or even young retirees preparing their risk of dependency. This solution is fiscally attractive as soon as the marginal tax bracket of 30% is reached.
Although this investment is not very restrictive, it nevertheless requires a long-term commitment. Don’t hesitate to aim for the shortest possible horizon. Already, you will limit the risk of losing feathers with a hasty resale in the event of an urgent need for money. Then, it is more profitable to opt for two short maturities than one long one. In fact, the discount amounts to around 20-25% over ten years compared to a maximum of 35 to 40% over twenty years.
In this respect, the dismemberments over ten years, quite recent, are very attractive: “We have just marketed 52 apartments near Parc Monceau, in Paris, with a discount of 24% over this period, notes Géraldine Chaigne, co-founder of Agarim We thus sold new properties at 9,500 euros per square meter on average compared to 12,500 euros for full ownership, thanks to a discount that we calculated by taking into account real market and unregulated rents.” This technical point is essential: the purchase discount, that is to say the value of the usufruct, is calculated as the sum of the rents that you renounce. You must be vigilant about their estimation. And as with any real estate, location and potential for value over time are essential.
.