Lake Forest, Illinois, is a city steeped in history, renowned for its picturesque landscapes, tree-lined streets, and a rich collection of historic homes. Nestled along Lake Michigan’s North Shore, this charming community has long attracted homebuyers seeking the elegance and character of properties built in the late 19th and early 20th centuries. From grand Victorian estates to Arts and Crafts bungalows, historic homes in Lake Forest offer a unique blend of architectural beauty and timeless appeal. However, purchasing a historic home comes with its own set of considerations. This guide provides essential tips for navigating the Lake Forest real estate market and successfully buying a historic home.
Why Choose a Historic Home in Lake Forest?
Historic homes in Lake Forest are more than just residences; they are pieces of the city’s heritage. Many were designed by prominent architects like Howard Van Doren Shaw or David Adler, whose works define the area’s architectural legacy. These homes often feature intricate details—think hand-carved woodwork, leaded glass windows, and original fireplaces—that are difficult to replicate in modern construction.
Beyond aesthetics, historic homes offer a connection to the past. Living in a home with a story, perhaps one that hosted notable figures or events, can be deeply rewarding. Additionally, Lake Forest’s historic districts, such as the Green Bay Road Historic District, are highly sought after for their preserved charm and proximity to the city’s vibrant downtown, lakefront, and top-rated schools.
However, buying a historic home requires careful planning. These properties often come with unique challenges, including maintenance costs, regulatory restrictions, and the need for specialized renovations. Below are key tips to help you make an informed decision when purchasing a historic home in Lake Forest.
1. Understand Lake Forest’s Historic Preservation Guidelines
Lake Forest is committed to preserving its architectural heritage, and many historic homes are subject to preservation ordinances. The city’s Historic Preservation Commission oversees properties in designated historic districts or those listed on the National Register of Historic Places. Before buying, research whether the home is subject to these regulations, as they may limit changes to the exterior, and sometimes even the interior, of the property.
What to Do:
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Check the Property’s Status: Confirm whether the home is in a historic district or individually designated as a landmark. The Lake Forest city website or a local real estate agent specializing in historic properties can provide this information.
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Review Guidelines: Familiarize yourself with the preservation guidelines, which may dictate acceptable materials, colors, or architectural styles for renovations.
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Consult the Commission Early: If you plan to make changes, meet with the Historic Preservation Commission before finalizing your purchase to understand what’s permissible.
Understanding these rules upfront can prevent costly surprises and ensure your vision for the home aligns with local regulations.
2. Work with a Real Estate Agent Experienced in Historic Homes
Navigating the Lake Forest real estate market, particularly for historic properties, requires expertise. An agent familiar with historic homes can guide you through the nuances of the process, from identifying suitable listings to negotiating deals that account for the unique aspects of older properties.
Why It Matters:
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Market Knowledge: Experienced agents know which neighborhoods, like East Lake Forest or the Barat College area, have the best selection of historic homes.
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Connections: They often have relationships with preservationists, contractors, and inspectors who specialize in historic properties.
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Valuation Expertise: Historic homes can be tricky to appraise due to their age and condition. A knowledgeable agent can help you assess whether a property is priced fairly.
Tip:
Ask potential agents about their experience with historic home sales in Lake Forest. Request references from past clients who purchased similar properties to ensure they understand the local market and preservation requirements.
3. Conduct a Thorough Home Inspection
Historic homes often come with hidden issues that may not be apparent during a casual walkthrough. A comprehensive inspection is critical to uncovering potential problems, such as outdated electrical systems, deteriorating foundations, or lead-based paint.
Key Areas to Inspect:
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Structural Integrity: Check for signs of foundation issues, such as cracks in walls or uneven floors.
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Plumbing and Electrical: Many historic homes have outdated systems that may need costly upgrades to meet modern safety standards.
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Roof and Exterior: Assess the condition of the roof, windows, and exterior materials, as repairs can be expensive, especially if period-appropriate materials are required.
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Environmental Hazards: Test for asbestos, lead paint, or mold, which were common in older construction.
Pro Tip:
Hire an inspector with experience in historic homes. They’ll know what to look for and can provide insights into whether issues are typical for the home’s age or require immediate attention. Additionally, consider a sewer line inspection, as older systems may be prone to clogs or damage from tree roots.
4. Budget for Renovations and Maintenance
Owning a historic home often means ongoing maintenance and occasional renovations to preserve its character. While these properties can be a sound investment, they typically require a larger budget than newer homes.
Cost Considerations:
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Restoration Costs: Replacing original features, like woodwork or stained glass, can be expensive, especially if you need to hire artisans skilled in historic techniques.
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Energy Efficiency Upgrades: Older homes may lack modern insulation or efficient HVAC systems, leading to higher utility bills. Retrofitting for energy efficiency while preserving historic elements requires careful planning.
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Preservation Compliance: If the home is in a historic district, renovations may need to use specific materials or methods, increasing costs.
How to Prepare:
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Get Detailed Estimates: Before buying, consult contractors to estimate renovation costs for any immediate repairs or desired upgrades.
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Build a Maintenance Fund: Set aside a reserve for routine upkeep, such as repainting exteriors or servicing antique heating systems.
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Explore Incentives: Lake Forest and Illinois offer some tax incentives or grants for historic preservation. Check with the city or the Illinois Historic Preservation Agency for programs that might offset costs.
5. Research the Home’s History
One of the joys of owning a historic home is uncovering its story. Researching the property’s past can also provide practical benefits, such as identifying original features or understanding previous renovations.
Steps to Take:
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Visit Local Archives: The Lake Forest-Lake Bluff Historical Society and the Lake Forest Library have extensive records, including blueprints, photographs, and ownership histories.
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Talk to Neighbors: Longtime residents may have anecdotes or insights about the home’s history.
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Hire a Historian: For significant properties, a professional historian can compile a detailed report, which may enhance the home’s value or appeal.
Knowing the home’s history can also guide your restoration efforts, ensuring you preserve its most important features while making it functional for modern living.
6. Plan for Modern Living
While historic homes are cherished for their character, they weren’t designed for today’s lifestyles. Thoughtful updates can make the home more comfortable without compromising its historic integrity.
Ideas for Modernization:
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Kitchen and Bathrooms: Update these spaces with modern appliances and fixtures while maintaining period-appropriate aesthetics, such as subway tiles or clawfoot tubs.
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Smart Home Features: Install discreet smart home systems, like hidden wiring for lighting or security, to blend modern convenience with historic charm.
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Open Floor Plans: If permitted, consider subtle modifications to create more open living spaces while preserving original moldings or archways.
Tip:
Work with an architect or designer experienced in historic renovations to balance modern functionality with the home’s original design. They can help you avoid changes that might detract from its historic value.
7. Consider the Lifestyle Implications
Living in a historic home in Lake Forest is a lifestyle choice as much as a financial one. These properties often require more time and effort to maintain than modern homes, and their location in historic districts may come with community expectations.
Questions to Ask Yourself:
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Are you comfortable with the upkeep required for an older home?
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Do you value the prestige and community of living in a historic district?
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Are you prepared to engage with the local preservation community, which may include attending meetings or advocating for historic protections?
If you’re passionate about history and architecture, the rewards of owning a historic home in Lake Forest—such as living in a work of art and contributing to the city’s legacy—can far outweigh the challenges.
8. Secure Appropriate Insurance
Insuring a historic home can be more complex than insuring a standard property. Replacement costs for historic materials and craftsmanship are often higher, and some insurers may require specialized coverage.
What to Look For:
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Replacement Cost Coverage: Ensure your policy covers the cost of rebuilding with historically accurate materials.
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Ordinance or Law Coverage: This protects against costs associated with complying with modern building codes during repairs.
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Historic Home Specialists: Work with insurers like Chubb or Pure, which offer policies tailored to historic properties.
Tip:
Provide your insurer with a detailed appraisal that includes the home’s historic features to ensure adequate coverage. An experienced real estate agent or preservation consultant can assist with this process.
Conclusion
Buying a historic home in Lake Forest is an opportunity to own a piece of the city’s storied past while enjoying the charm and prestige of one of Illinois’ most beautiful communities. By understanding preservation guidelines, working with experienced professionals, and planning for the unique challenges of historic homeownership, you can make a sound investment that brings years of enjoyment.
Whether you’re drawn to a stately Georgian mansion or a cozy Craftsman bungalow, Lake Forest’s historic homes offer unparalleled character and a chance to live in a community that values its heritage. Take the time to research, plan, and connect with local experts, and you’ll be well on your way to finding the historic home of your dreams.
For more information on Lake Forest real estate or to explore available historic properties, contact a local real estate agent or visit the Lake Forest city website. Happy house hunting!
