Kinnisvarainvesteeringu tasuvusanalüüs Coin Bandit OÜ näitel

Kinnisvarasse investeerimine on hea võimalus hajutada oma investeeringuid, saada igakuist rahavoogu ning kasvatada oma kapitali. Tänu selle arusaadavusele, käegakatsutavusele ja stabiilsusele, on kinnisvarast saanud väga atraktiivne ja populaarne varaklass kogu maailmas. Lõputöö eesmärgiks oli välja selgitada soovitused tulutoova kinnisvarainvesteeringu valimiseks tuginedes Coin Bandit OÜ näitel valitud kinnisvara tasuvusanalüüsile. Teooria osast selgus, et kinnisvarasse investeerimiseks on erinevaid võimalusi, näiteks pika- ja lühiajalised üürikorterid ning flipi-projektid. Tähelepanu tuleb pöörata piirkonnale, kuhu kinnisvara soetada soovitakse ja läbi mõelda tingimused objektile sh korteri suurus, maja vanus, korteri seisukord jm, kapitali kaasamise võimalused ning omafinantseeringu suurus ja kulud esialgse investeeringu teostamiseks. Kapitali kaasamise võimalusena on kõige populaarsem pangalaen, kuid lisaks sellele on ka teisi variante näiteks omanike laen või raha kaasamine tuttavatelt. Esialgsete kulude puhul tuleb peale omafinantseeringu arvestada ka hindamisakti, riigilõivu ja notaritasude ning lepingu sõlmimise tasudega. Samuti tuleb arvestada tagavara või remondifondiga ootamatute probleemidega tegelemiseks. Lisaks kirjeldati teooria osas kinnisvarainvesteeringu analüüsiks kasutatud tasuvusarvutusi. Arvutuste tegemiseks on erinevaid võimalusi ja valemeid ning nende kõigi abil saab järeldada, kas projekt on kasumlik või mitte. Erinevad arvutusmeetodid järjestavad aga objekte erinevalt, mistõttu tuleb nende valimisel tähelepanelik olla. Tasuvusanalüüsi raames kirjeldati töös tasuvusaega, diskonteeritud tasuvusaega, nüüdispuhasväärtust, kasumiindeksit ja sisemist tasuvusmäära. Empiirilise uuringu läbiviimise metoodikast selgus, et uuringu üldine strateegia on deduktiivne ja uuringu läbiviimiseks kasutati kvalitatiivse ja kvantitatiivse uurimistöö kombineeritud põhimõtet. Lisaks kirjeldati ettevõtet Coin Bandit OÜ ning anti ülevaade töö käigus teostatud andmekogumis meetoditest ja andmeanalüüsi protsessidest. Empiirilise uuringu tulemuste ja analüüsi osas teostati valitud näidiskinnisvara põhjal tulude-kulude prognoos ning tehti tasuvusarvutused. Tasuvusanalüüsis leiti esialgse investeeringu suuruseks 24 880 eurot. Rahavoogude prognoosis arvestati üüritulu ning selle iga-aastast tõusu, leiti tegevuskulud, kuhu arvestati kindlustus ja maamaks ning arvutati vakantsist saamata jäänud tulu. Projekti lõpus saadi kinnisvara müügihinnaks 189 140 eurot. Kaalutud kapitali keskmiseks hinnaks saadi 6.12%, tavaliseks tasuvusajaks 3 aastat ja 6 kuud ning diskonteeritud tasuvusajaks 4 aastat ja 1 kuu. 46 Nüüdispuhasväärtuseks saadi 5 146 eurot, kasumiindeksiks 1.21% ning sisemiseks tasuvusmääraks 7 protsenti. Kõik need kolm näitavad, et investeering on kasumlik ning annavad ettevõttele julgust sarnase objekti leidmisel investeerimisega lõpule minna. Lisaks tehti analüüsi käigus töö vältel kogutud andmete põhjal järeldusi ja anti soovitusi ettevõtte juhatusele tulutoova kinnisvarainvesteeringu valimiseks. Selleks, et kinnisvarainvesteering oleks tulutoov peaks ettevõte jälgima prognoose rahvastiku liikumise kohta. Piirkonnad, kuhu oodatakse rahvastiku kasvu, annavad kindluse kinnisvarainvesteeringu nõudluse vastu selles piirkonnas ka tulevikus. Ettevõte peaks arvestama kinnisvarahindade tõusuga, millest tulenevalt suurenevad ka kinnisvara ostuga seotud esialgsed kulud ning omama ülevaadet erinevatest laenusaamise võimalustest, et kaasata vajadusel investeeringu soetamiseks lisakapitali. Lõputööst saadud tulemused annavad ettevõtte juhtkonnale teadmisi kinnisvarainvesteeringu valikupõhimõtetest, näidised tasuvusanalüüsiks vajalike arvutuste teostamiseks ning informatsiooni kinnisvarainvesteeringu valimiseks

Investing in real estate is a good way to diversify your investments, get monthly cash flow and grow your capital. Real estate has become a very attractive and popular asset class worldwide, due to its comprehensibility, tangibility and stability. The aim of the thesis was to find out recommendations for choosing a profitable real estate investment based on the profitability analysis of the selected real estate using the example of Coin Bandit OÜ. From the theory part, it appeared that there are different options for investing in real estate, for example, long-term and short-term rental apartments and flip projects. Attention must be paid to the area where you want to acquire real estate and think through the conditions for the object, including the size of the apartment, the age of the building, the condition of the apartment, etc.; the possibilities of raising capital and the amount of self-financing and the costs for the initial investment. The most popular way to raise capital is a bank loan, but there are also other options, such as a loan from owners or raising money from friends. In the case of initial costs, in addition to self-financing, the valuation act, state fee and notary fees, as well as contract signing fees, must also be taken into account. Also, a spare or repair fund must be considered to deal with unexpected problems. In the theory section were also described the profitability calculations used for real estate investment analysis. There are various options and formulas for making calculations, and all of them can be used to conclude whether the project is profitable or not. However, different calculation methods rank objects differently, so you have to be careful when choosing them. As part of the profitability analysis, the paper described the payback period, discounted payback period, net present value, profit index and internal rate of return. The methodology of conducting the empirical study revealed that the general strategy of the study is deductive, and the combined principle of qualitative and quantitative research was used to conduct the study. In addition, the company Coin Bandit OÜ was described and an overview of the methods and data analysis processes performed in the data set during the work was given. As for the results and analysis of the empirical study, a revenue-cost forecast was made based on the selected sample real estate, and profitability calculations were made. In the profitability analysis, the amount of the initial investment was found to be 24,880 euros. In the cash flow forecast, the rental income and its annual increase were taken into account, operating expenses were found, insurance and land tax were taken into account, and the income lost from the vacancy was calculated. At the end of the project, the sale 48 price of the property was 189 140 euros. The weighted average cost of capital was 6.12%, the normal payback period was 3 years and 6 months, and the discounted payback period was 4 years and 1 month. Net present value was 5 146 euros, profit index was 1.21% and internal rate of return was 7 percent. All three of these show that the investment is profitable and give the company the courage to complete the investment when a similar object is found. In addition, during the analysis, conclusions were made based on the data collected during the work and recommendations were given to the company's board for choosing a profitable real estate investment. In order for the real estate investment to be profitable, the company should follow the forecasts about the population movement. Areas where the population is expected to grow provide confidence in the demand for real estate investment in the area in the future. The company should take into account the increase in real estate prices, as a result of which the initial costs related to the purchase of real estate also increase, and have an overview of the various possibilities of obtaining a loan, in order to include additional capital for the acquisition of the investment, if necessary. The results obtained from the thesis provide the company's management with knowledge of the principles of real estate investment selection, samples for performing calculations necessary for profitability analysis, and information for choosing real estate investment.