Which scheme is suitable for a new-build investor in 2026?
Published on October 19, 2026 · News
Investing in new-build property in 2026 raises a central question: which scheme should you choose to structure your rental project? Between tax statuses, depreciation regimes and tax reduction mechanisms, the landscape has evolved. This article educationally reviews the main options open to a new-build investor, to help you ask the right questions before committing.
Key point at the outset: no scheme guarantees a return. Regulatory figures change and depend on your area, your income and your project. Support from an adviser JL HOME helps secure each assumption.
Understanding the logic: tax, cash flow and time horizon
Before talking about a "scheme", it is worth clarifying your objective. An investor in new-build property generally pursues three types of goal, sometimes combined:
- Building up assets over the long term, benefiting from the quality of new build (recent standards, controlled costs, reduced notary fees).
- Generating rental income with optimised taxation.
- Reducing your tax burden where your situation justifies it.
There is no "right" scheme in absolute terms: it depends on your marginal tax bracket, your savings capacity, your holding period and your appetite for risk. This is why a personalised assessment remains essential.
The LMNP status: the reference for furnished letting in new build
The Non-Professional Furnished Landlord (LMNP) remains a much-favoured framework for investing in new build, particularly in serviced residences (student or senior) or in conventional furnished lets.
Two possible regimes
- Micro-BIC: suited to modest rental income, it applies a flat-rate allowance of 50 % up to a revenue ceiling of 77 700 € (thresholds to be confirmed depending on the nature of the property). Simple, but not very optimised if you have substantial costs.
- The real regime: it allows you to deduct actual costs (loan interest, property tax, co-ownership charges) and, above all, to depreciate the property and furniture. This mechanism is often what reduces rental taxation the most.
Concrete example: a couple buys a new furnished flat. Under the real regime, depreciation of the property and furniture, combined with deductible costs, can offset a large part of the taxation of rental income for several years. Please note: this depends on your situation and is in no way a promise of results.
Point of caution: beyond 23 000 € of annual income, and if this income exceeds your other professional earnings, the status may switch to professional (LMP), with different consequences. To be analysed with an adviser.
The LLI: the Intermediate Rental Housing
The Intermediate Rental Housing (LLI) is aimed at investors wishing to let unfurnished in high-demand areas, with capped rents in return for benefits. It is neither a successor nor a replacement for the Pinel: it is a separate framework with its own logic.
The LLI rent caps depend on the zone (for reference only: zone A bis 19,51 €/m²/month, zone A 14,49, zone B1 11,68, amounts to be verified). This scheme may entitle you to reduced VAT at 5,5 % subject to conditions, not automatically: eligibility depends on the programme, its location and compliance with letting commitments.
The LLI appeals to investors seeking a property in an area of high demand, with a tenant subject to income conditions and a controlled rent.
The Jean-Brun scheme: depreciation for unfurnished letting
The Jean-Brun scheme introduces a depreciation logic for unfurnished letting, inspired by what exists for furnished lets. In practice, it allows part of the property's value to be depreciated on a base of around 80 %, with depreciation rates in a range of roughly 3,5 to 5,5 % and ceilings between 8 000 and 12 000 € (these parameters must be confirmed against the applicable texts and your situation).
This mechanism may be an interesting alternative for investors who prefer unfurnished letting to furnished, while benefiting from a depreciation effect on their property income. Again, no return is guaranteed: the benefit depends on your taxation and the property.
Property deficit: for investors already receiving property income
If you already receive property income (unfurnished letting), a property deficit allows certain costs to be offset against your overall income, up to 10 700 € per year. In new build this lever is rarer because deductible works are limited, but it can complement an overall strategy combining old and new property.
How to choose? A 4-step method
- Clarify your objective: assets, income or tax.
- Assess your financing capacity: the debt ratio is generally examined around 35 %. Loan rates and aids such as Action Logement change over time and should be checked when your project is under way.
- Choose the letting mode: furnished (LMNP) or unfurnished (LLI, Jean-Brun, property deficit).
- Simulate several scenarios before committing.
Example reasoning: a highly taxed professional seeking to depreciate their property will often turn to the real regime (LMNP furnished) or Jean-Brun unfurnished. An investor targeting a high-demand area with rental security will look at the LLI. Nothing replaces a personalised numerical comparison.
Do not forget the fundamentals of new build
Beyond the scheme, new build offers structural advantages: reduced notary fees (around 2 to 3 %), energy performance meeting recent standards, builder warranties and low initial maintenance costs. These factors matter as much as the tax framework in the success of an investment.
Take action with JL HOME
Every situation is unique: area, income, horizon, objective. Rather than choosing on gut feeling, compare your scenarios with an expert.
👉 Book an appointment with an adviser JL HOME or launch your personalised simulation to identify the scheme suited to your new-build investment project in 2026.
Informative content updated in 2026. Regulatory parameters change: they must be confirmed before any commitment.
