“Location, location, location” is a timeless reminder of how crucial a property’s setting is to its value. Having lived in New York City, I’ve seen this principle in action. The view of the Hudson River would have added $1,000 to the cost of rent for my apartment, which had a view of a wall—even though both apartments were the same size and both on the 25th floor.

This rule also applies to Caffè Florian in Venice, where not only the café’s prime location in Piazza San Marco matters, but also the seat you choose can impact the price of your coffee. A table with a view of St. Mark’s Square—whether inside or outside—is highly coveted, and you’ll pay a premium for it.