A little extra on location
In our most recent purchase, which is to be our new home in Burnaby, I told Dave I wanted a home in an area with a Starbucks factor. I don’t go to Starbucks everyday. In fact, I don’t even drink regular coffee. But, I do walk our dog everyday and I like to have places to walk to.
I have watched Starbucks pop up all over Calgary and Toronto, and they always choose the areas I would live in. It seems they pick the emerging or emerged trendy spots. Typically it’s a street with plenty of foot traffic, good shops and nice restaurants. All things I look for in a neighbourhood right now. (Recently, the Globe and Mail read my thoughts, and featured the Starbucks factor and how a new Starbucks impacts house prices in an area).
A Starbucks area may not be what you are looking for in an investment property, but think about who your most likely or most desired renter is and think about what they would want in an area. If you are renting to young professionals like Dave and I, you may want to find the Starbucks area. If you are renting to families, look for close proximity to schools and grocery stores. If you are renting to students, being close to public transportation, entertainment and university/college would be beneficial. More on these considerations next month when we talk about evaluating your potential purchase.