Buying an apartment to rent it out, investing money in a SCPI, acquiring a property in bare ownership: there are many ways to invest in real estate, but not all produce the same effects on your wealth. The choice of investment vehicle, tax regime, and timing of resale radically changes the final profitability. Here are the concrete levers that make a difference.
Reintegration of LMNP Depreciation: What Changes for Resale
Since the finance law for 2025 (law n°2025-127 of February 14, 2025), a rule profoundly modifies the wealth equation of non-professional furnished rentals. Depreciation deducted under the real LMNP regime is now reintegrated into the calculation of the capital gain upon the sale of the property.
In practical terms, an investor who has depreciated their property over ten years sees their taxable base at resale increase by the total amount of these depreciations. Before this reform, these amounts were not included in the calculation. The LMNP remains advantageous during the holding phase, as rents continue to be largely neutralized by accounting depreciation. However, the exit now costs more.
To learn more about Impact Patrimoine real estate, the question of the holding period and the type of property takes on new importance in any rental real estate investment strategy.
One point deserves your attention: certain serviced residences (student, senior, disabled) benefit from partial exceptions to this reintegration. The choice of type of furnished property creates a real tax gap at resale. Before buying a classic furnished studio, compare the impact of this rule with that of a managed residence.
Social Contributions on Furnished Rental Income: Increase Expected
Do you receive furnished rents and focus only on income tax? The rate of social contributions on furnished rental income has recently increased, and this rise applies to 2025 income declared in 2026.
This increase does not concern rental income from bare rentals, which remain subject to the usual rate of social contributions. The gap between furnished and bare rentals is narrowing on the social charges side.
Why does this detail matter? Because many investors choose furnished rentals for their overall tax advantage, without factoring in the evolution of social contributions in their profitability calculations. A spreadsheet that does not account for this increase overestimates the net yield by several tenths of a percentage point each year.
Leverage Effect of Mortgage Credit: The Real Wealth Driver
Real estate is the only common investment that you can finance almost entirely with credit. It is this mechanism, called leverage effect, that multiplies the performance of your personal contribution.
Let’s take a simple example. You have savings that you invest as a down payment to acquire a property worth several times more. The rents pay off part of the monthly payments, and in the long run, you own an asset whose value far exceeds your initial investment. In a traditional financial investment, this mechanism does not exist: you can only invest what you have.
The leverage effect works even better when the borrowing rate remains below the net rental yield. With rates stabilizing after the decline that began in 2024, this condition remains fulfilled for many well-calibrated projects. However, future inflation will need to be monitored, as it directly influences the real cost of credit.
Criteria to Check Before Signing a Loan Offer
- The debt ratio after the operation, including condominium fees and property tax, not just the monthly loan payment
- The ability to absorb a rental vacancy of a few months without jeopardizing your personal cash flow
- The appropriate loan duration: a longer loan reduces the monthly payment but increases the total cost, which weighs on overall profitability
Net Rental Yield: The Items That Simulators Forget
Most online simulators display a gross yield (annual rent divided by purchase price). This figure does not reflect what you will actually receive.
To move from gross yield to net yield, several items must be deducted that public tools minimize or ignore:
- Management fees if you delegate to an agency (usually a percentage of the rent received)
- Rental vacancy, meaning the months without a tenant between two leases, varying by city and property type
- Routine maintenance and repairs between two tenants
- The actual taxation after deducting charges, depreciation, or property deficit according to the chosen regime
A property advertised with an attractive gross yield can become mediocre once all items are included. Before comparing two investments, systematically recalculate the net yield after tax over the intended holding period.
Bare or Furnished Rental: A Choice Depending on Your Tax Bracket
Bare rental allows for the deduction of actual charges and the creation of a property deficit that can be offset against overall income, within certain limits. This mechanism mainly benefits taxpayers in higher brackets.
Furnished rental, via the real LMNP regime, allows for the depreciation of the property and furniture. Rents are often reduced to zero for tax purposes for several years. But the 2025 reform on the reintegration of depreciation at resale now requires simulating the operation over its entire duration, not just during the rent collection phase.
The right regime depends on your personal tax situation, the planned holding period, and the type of property. A wealth management advisor (CGP) can model both scenarios for your specific case. This is where wealth strategy makes the most sense: optimizing your real estate investment starts with choosing the right tax envelope before selecting the property.