Real estate investors know how important it is across the board to do your research when you’re looking at a property. It’s not only crucial to peel back the walls of the property itself, but it’s also important to dig into the neighborhood.
Are there schools nearby, what are the neighboring property values like? But according to Winston Deloney, expert real estate investor, there’s one key thing you should keep in mind: local restaurants, and how they impact local real estate values.
Deloney is a big believer in the power of local restaurants, and how they impact local real estate values, and here’s why.
Local restaurants tell a very detailed story
According to Deloney, the local restaurant scene is a very telling indicator of the health of the rest of the neighborhood. Are a lot of new restaurants moving into the neighborhood, or are they on their way out?
Are there lots of shuttered shops, or are restaurants bustling with business? All of these things are indicators that the neighborhood is going one way or another and can definitely impact local real estate values.
The local restaurant scene will also tell you about job opportunities in the area, and foot traffic.
Local restaurants can be very desirable
Having a home right next to a bustling street filled will delicious food options is very desirable for many people and can play a big role in the appeal of your rental property. You’ve heard it before: location, location, location.
And one thing that can impact the appeal of a location? The local food scene, according to Deloney. The best local restaurants will be ones that are within walking distance and having that can help you market the property.
Restaurants may have a neighborhood discount
This one could be great if your potential renters are real foodies, but many local restaurants offer some type of neighborhood discount. This could be appealing if your potential renters love to eat out and are fans of hitting up local hot-spots.
Restaurants give your neighborhood charm
A vibe of a neighborhood is often set by its local restaurants. Being able to stroll down the street at night and grab a bite to eat or a glass of wine is a dream for many people and can greatly increase the value of a local real estate option.
People are sometimes much more willing to settle for a rental unit they may not normally go for, if it’s an excellent neighborhood.
About Winston Deloney
Winston Deloney is a real estate investing expert with a diverse portfolio that includes rental units, fixer-uppers, and fix-and-flips. He often shares real estate advice and tips on his recently launched website, and was recently featured in an article about common mistakes all landlords should avoid.