{"id":52224,"date":"2025-11-27T23:09:20","date_gmt":"2025-11-27T23:09:20","guid":{"rendered":"https:\/\/www.europesays.com\/ee\/52224\/"},"modified":"2025-11-27T23:09:20","modified_gmt":"2025-11-27T23:09:20","slug":"rahavoog-on-kuningas-mida-on-vaja-teada-volakirjadesse-investeerimisel","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ee\/52224\/","title":{"rendered":"Rahavoog on kuningas. Mida on vaja teada v\u00f5lakirjadesse investeerimisel?"},"content":{"rendered":"

Kui soovid tutvuda TTLi kinnise v\u00f5lakirja tingimustega, siis<\/p>\n

\ud83d\udc49Ava TTLi veebileht<\/a> ja k\u00fcsi ligip\u00e4\u00e4su materjalidele.<\/p>\n

V\u00f5lakirjade tagasimakse ei s\u00fcnni \u201cilusast \u00e4riplaanist\u201d, vaid p\u00e4ris rahavoost.
Sellest s\u00f5ltub, kas p\u00f5hiosa ja intress makstakse \u00f5igel ajal. Ning kas \u00fcldse.<\/p>\n

V\u00f5rdleme kahte levinud v\u00f5lakirja mudelit, mis pakuvad tootlust, kuid rahavoo loogika (ja seega risk) on v\u00e4ga erinev.<\/p>\n

1. Kinnisvaraarendus: rahavoog on tulevikus\u2026 kui turg lubab<\/p>\n

Kinnisvaraarenduse lugu on korduv:<\/p>\n

    \n
  1. ostetakse maa\/hoone<\/li>\n
  2. ehitatakse v\u00f5i renoveeritakse maja<\/li>\n
  3. m\u00fc\u00fcakse maha<\/li>\n<\/ol>\n

    Raha tuleb tagasi alles m\u00fc\u00fcgihetkel.<\/p>\n

    Kuni m\u00fc\u00fcgini on arendusel kulude maraton:<\/p>\n

      \n
    • ehitus ja t\u00f6\u00f6j\u00f5ud<\/li>\n
    • materjalid ja allt\u00f6\u00f6v\u00f5tjad<\/li>\n
    • projektikulud<\/li>\n
    • intressid investoritele<\/li>\n<\/ul>\n

      Selle \u00e4rimudeli juures on oluline detail v\u00f5lakirja investorile: kinnisvara ei tooda enne m\u00fc\u00fcki rahavoogu.<\/p>\n

      Siit tekib ka v\u00e4ike paradoks: arendaja kaasab raha ette, et maksta vahepeal intresse.<\/p>\n

      Ehk investorid annavad raha, et arendaja saaks investorile endale tagasi intressi maksta.<\/p>\n

      \u201cJustkui tuleks keegi sulle kosja su enda lilledega. S\u00fcmpaatne \u017eest, aga investor tahab ju teada, millal klientidelt raha ettev\u00f5te kontole j\u00f5uab,\u201d seletas Hendrik Roosna, TTLi n\u00f5ukogu liige.<\/p>\n

      Kinnisvaras s\u00f5ltub v\u00f5lakirja tagasimakse tugevalt turu olukorrast.<\/p>\n

      Kui m\u00fc\u00fck aeglustub v\u00f5i turg jahtub, nihkub ka tagasimakse ajastus. Isegi siis, kui arendaja teeb \u201ck\u00f5ik \u00f5igesti\u201d.<\/p>\n

      Heaks n\u00e4iteks on hiljutine lugu Haapsalu arendusest, kus \u201ctuled ei p\u00f5le\u201d. Projekt sai valmis, aga turg ei v\u00f5tnud seda planeeritud mahus vastu. Tulemus: m\u00fc\u00fck venis ja rahavoog ei saabunud oodatud ajal.<\/p>\n","protected":false},"excerpt":{"rendered":"Kui soovid tutvuda TTLi kinnise v\u00f5lakirja tingimustega, siis \ud83d\udc49Ava TTLi veebileht ja k\u00fcsi ligip\u00e4\u00e4su materjalidele. V\u00f5lakirjade tagasimakse ei…\n","protected":false},"author":2,"featured_media":52225,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[131,130,37,33,35,34,36,20645,26566,10255,26565,3054,26567],"class_list":{"0":"post-52224","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ari","8":"tag-ari","9":"tag-business","10":"tag-ee","11":"tag-eesti","12":"tag-eesti-keel","13":"tag-estonia","14":"tag-estonian","15":"tag-finantseerimine","16":"tag-kinnine-volakiri","17":"tag-kinnisvaraarendus","18":"tag-rahavoog","19":"tag-risk","20":"tag-ttli"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ee\/115624185976876384","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ee\/wp-json\/wp\/v2\/posts\/52224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ee\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ee\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ee\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ee\/wp-json\/wp\/v2\/comments?post=52224"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ee\/wp-json\/wp\/v2\/posts\/52224\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ee\/wp-json\/wp\/v2\/media\/52225"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ee\/wp-json\/wp\/v2\/media?parent=52224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ee\/wp-json\/wp\/v2\/categories?post=52224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ee\/wp-json\/wp\/v2\/tags?post=52224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}