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投資物件の収益性評価方法と重要な要素である税金

投資物件の収益性評価方法と重要な要素である税金
先日から検討を続けている物件について。

 

購入を前提に検討を進めたいと不動産屋に話をした所、なんと別物件と価格・家賃が逆だったとのこと。シミュレーションのやり直しであるが、こんなこともあるのかと嘆かずにはいられない。

 

よく「利回り」という言葉が使われるが、元本が保証されるわけではないので利回りという指標で評価するのはあまり意味がないことであり、あくまで参考指標の1つとしかならない。

 

DCFにより計算するのであれば、借入計画や修繕、諸経費なども含めてCOFを時系列で並べ、賃料収入をCIFとして一定程度、例えば築70年まで並べる。私見として、賃料の下落はCIFに織り込み、空室率については割引率に織り込むのがいいのではないかと考えている。

これらの数値から現在価値がゼロとなる割引率と定性的なリスクを比較し、最後は決断ということになるだろう。

 

忘れがちであるが、Taxは重要な要素であり、織り込む必要がある。即ち、不動産所得が赤字であれば給与所得と通算して節税になり、黒字であった場合は給与所得にONしたレベルで累進課税が掛かってくる。不動産所得以外の所得水準が高い時に赤字を出し、低い時に黒字を出すのが理想である。

 

リタイアするのであれば、リタイア前の数年に不動産を順次仕込んで節税し、無所得となった後長く家賃収入が入ってくる形にすると累進課税の関係で節税になると思うのだが、税金のことを考えすぎて足元をすくわれるリスクもある。やはりまずは物件の収益性が第一と肝に銘ずるべきだろう。

 

さて、計算がやり直しになってしまったが、それなりに魅力のある物件であったため、引き続き検討を続けていきたい。

 

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    It was a dreary day here today, so I just took to piddeling around online and realized

  25. Informative and precise

    Its hard to find informative and precise information but here I noted

  26. Just Browsing

    While I was browsing today I saw a great article about

  27. Dreary Day

    It was a dreary day here yesterday, so I just took to piddeling around on the internet and found

  28. Wikia

    Wika linked to this website

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