Location, Location, Coffee?
Many people think about schools, shopping centers and crime when they think about choosing the location of an investment property. They don’t always think about coffee. However, Sarah Gilbert, a blogger on bloggingstocks.com says that you might want to rethink this, due to her own successful experience with a Starbucks moving in close by. Upon studying coffeehouses, it becomes clear that there’s something to a coffee shop that makes it worth something beyond spiced lattes.
When I visit a coffee house, especially the independent coffee houses that impart their own charm to an area, it’s like entering a tiny little neighborhood. People recognize each other in the coffeehouse because they met here, not because they made friends leaning against their back fences (although they may, indeed, share a fence). It’s a place that encourages people in the neighborhood to walk more – over to the coffeehouse for a specialty coffee or a pastry or just to see who else is hanging out.
The charming ambiance of many coffee houses can be a definite plus when you are thinking of buying a property with an eye to invest. The next owner or renter of that property may well not care so much about schools or parks, but may care that a charming little establishment is eager to serve them mochas and hot chocolate in a comfortable, social atmosphere. Many people are gravitating towards places that offer them amenities within walking distance. A place where someone can relax over a great cup of coffee is going to probably feature among the more popular, especially with the rising number of the childfree and empty nesters who are looking for homes to buy.
Gilbert, after noticing a definite rise in her property’s equity after a Starbucks and several independent coffee chains moved into her neighborhood, recommends that you get friendly with the neighborhood association of the area you want to buy in. It’s worth finding out if a coffee shop is opening up in your neighborhood early, so you can buy before the prices rise as a result of cinnamon-chai-soy-extra-syrup-and-whip-latteccino availability.
Choosing to buy an investment property based on its proximity to schools and shopping is smart. However, digging a little deeper and looking at other places that attract people on a daily basis is smart, too. If people in your area are looking for a little village ambiance, a coffee shop close by may be something that influences their decision to buy.