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Direktna naložba v nepremičnine pomeni fizično lastništvo nepremičnine, katero investitor lahko preoblikuje, odda v najem ter na koncu nepremičnino eventualno tudi proda. Struktura naložbe se prične z iskanjem prave nepremičnine in zanesljivo tržno raziskavo. Sledi temeljit pravni in dejanski skrbni pregled, s katerim skuša vlagatelj nepremičnino spoznati ter pridobiti podatke o njenih pravnih in dejanskih razmerjih. Temu sledi ocena vrednosti nepremičnine z namenom ugotovitve njene realne vrednosti. Nadalje so predstavljeni osnovni viri financiranja ter prednosti in slabosti vsakega od njih, jedro magistrskega dela pa sestoji iz celovitega pregleda različnih oblik oddajanja stanovanjske nepremičnine v najem. Razlikujemo namreč med kratkoročnim in dolgoročnim najemom, ki pa se lahko izvajata na različnih pravnih podlagah. Posebna pozornost je namenjena tudi preučitvi sedanje ureditve najema poslovnih prostorov in stavb. Poslovni najem je namreč do nedavnega urejal Zakon o poslovnih stavbah in poslovnih prostorih, vendar pa je novela Stanovanjskega zakona (SZ-1E) bistveno posegla na to področje. Magistrsko delo na koncu obravnava tudi davčni vidik naložbe ter prodaje nepremičnine kot možnosti izstopa iz naložbe. Namen magistrskega dela je bralcu prikazati kompleksnost, obsežnost in pasti direktne naložbe, ki predstavlja najpogostejšo obliko naložb v nepremičnine, predvsem na račun splošno sprejete družbene predstave o njeni varnosti, stabilnosti in donosnosti. Pa je temu res tako? Direct investment in real estate means physical ownership of real estate, which the investor can transform, rent out, and eventually sell the real estate. The structure of the investment starts with finding the right property and reliable market research. This is followed by a thorough legal and factual due diligence, with which the investor tries to get to know the real estate and obtain information about its legal and factual relationships. This is followed by an assessment of the property's value in order to determine its real value. Further, the basic sources of financing and the advantages and disadvantages of each of them are presented, and the core of the master's thesis consists of a comprehensive review of the various forms of renting out residential real estate. In practice, there is a difference between short-term and long-term leases, which can be implemented on different legal bases. Special attention is also devoted to the examination of the current regulation of the lease of business premises and buildings. Until recently, commercial leases were regulated by the Commercial Buildings and Commercial Premises Act, but the amendment to the Housing Act (SZ-1E) significantly intervened in this area. At the end, the master's thesis also deals with the tax aspect of the investment and the sale of real estate as a possibility of exiting the investment. The purpose of the master's work is to show the reader the complexity, extensiveness and risks of direct investment, which represents the most common form of investment in real estate, mainly due to generally accepted social concept of its safety, stability and profitability. But is that really the case? |
