A real estate project involves several years of income and requires skills that go beyond simply finding a property. Exit taxation in LMNP has changed since February 2025, there is a requirement for a certified renovation guide for significant renovations, and a new private landlord status has emerged from the Jeanbrun law 2026: the rules of the game have fundamentally changed. Measuring the gap between a self-managed purchase journey and a structured support allows for calibrating what each option truly costs.
Exit taxation in LMNP and the Jeanbrun law: two rules that change the calculation from the purchase
Most content on real estate support focuses on the acquisition phase. Recent regulatory changes push financial risk much further along the holding cycle.
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Since February 15, 2025, depreciation applied under the real regime in LMNP is reintegrated into the capital gains upon resale. An investor who has depreciated their property for ten years discovers, at the time of sale, a taxable base significantly higher than before. Without modeling this exit taxation from the signing, the actual net yield of a rental investment can diverge greatly from the announced gross yield.
A tailored support that does not take this data into account from the initial setup exposes the buyer to an unpleasant tax surprise several years later. This is a concrete criterion for evaluating the quality of advice: does the projection cover resale or does it stop at rental?
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The Jeanbrun law (finance law no. 2026-103, article 47), which definitively replaces the Pinel scheme, creates a private landlord status allowing for the tax depreciation of 80% of the acquisition price excluding land for a new RE2020 collective housing or an old property with renovations representing at least 30% of the price. This new framework requires a commitment to unfurnished rental and specific energy performance criteria.
| Criterion | LMNP real regime (post-February 2025) | Private landlord status (Jeanbrun law 2026) |
|---|---|---|
| Type of rental | Furnished | Unfurnished |
| Depreciation | Yes, but reintegrated into the capital gains upon resale | 80% of the price excluding land, with no announced reintegration |
| Eligible properties | Any furnished property | New RE2020 or old with renovations ≥ 30% of the price |
| Impact on exit strategy | High (heavier exit taxation) | To be modeled according to the holding period |
This table illustrates why the choice of tax structure conditions the final profitability, not just the annual yield. Professionals also offer this comprehensive analysis from the research phase, as shown in the approach described on https://www.immoproxima.fr/ which integrates several dimensions of the project.
Certified renovation guide: a requirement that changes the scope of a project with renovations
Since January 2024, any significant renovation aiming for a jump of at least two energy performance classes and financed through MaPrimeRénov’ must be followed by a certified renovation guide (MAR). This requirement changes the game for real estate projects that include significant work.
The MAR intervenes in the initial diagnosis, the work plan, the estimation of aid, and the monitoring of the site. Their role does not replace that of an investment advisor, but it adds to it. Real estate support that ignores this regulatory layer leaves the buyer to coordinate two interlocutors with different logics on their own.
- The MAR validates the technical coherence of the renovation program and conditions access to the most significant public aid.
- The investment advisor or broker structures the overall financing (purchase price, work, taxation).
- The articulation between these two actors determines the actual budget of the project, as the aids obtained through the MAR directly modify the financing plan.
For an old property requiring heavy energy renovation, the lack of coordination between the MAR and financial advice can create a budget discrepancy between the planned amount and the actual amount committed.
Rental profitability: what local market analysis changes in the result
The gross profitability of a rental investment is easy to calculate. The net profitability after taxation, rental vacancy, and management fees requires a local market analysis that few buyers conduct on their own.
Two properties at the same purchase price, located in two neighborhoods of the same city, can show significant differences in net yield. Rental pressure, tenant profiles, turnover rates, and condominium fees vary from one micro-market to another.
- Local rental pressure determines the predictable vacancy rate and thus the actual income over a year.
- The profile of the stock (old, recent, renovated) influences the achievable rent level and competition among owners.
- Condominium fees and property tax, often underestimated, weigh on net yield in varying degrees depending on the municipalities.
A structured support includes this granular analysis of the rental market before selecting the property. In contrast, a purchase journey conducted without this step relies on average assumptions that do not reflect the reality of the targeted neighborhood.
Projected budget and rental management: two areas where the gap widens
The budget of a real estate project is not limited to the purchase price and notary fees. The items that create the most discrepancies between forecast and reality are unforeseen work, holding taxation, and rental management fees.
In rental management, the choice between direct management and delegated management modifies the net yield by one to several points depending on the provider and the type of property. Delegating rental management reduces gross yield but secures net income by limiting unpaid rents and prolonged vacancies.
The work budget is another critical variable. In a context where the energy performance of the housing conditions both access to aid (via the MAR) and the valuation upon resale, underestimating this item distorts the entire financial plan.
The difference between a real estate project that meets its objectives and one that disappoints rarely lies in the choice of the property itself. It is found in the quality of the initial framing: modeled exit taxation, coordination with a MAR if work is planned, analysis of the local rental market. These elements fall under a structured method applied from the first weeks of the project.