Are you considering buying a vacation home in the charming Glencoe Village of Chicago? Located near Lake Michigan and surrounded by scenic scenery, Glencoe is a popular vacation and home-buying destination. This beautiful and historic community is just 24 miles north of Chicago's downtown Loop, with natural and recreational open space surrounding the Village, which borders Lake Michigan, the Cook County Forest Preserve, and the Glencoe Golf Club.
Glencoe welcomes visitors with its attractive business district, abundant parks, and convenient beach facilities. Whether you're interested in shopping, exploring the Chicago Botanic Garden, watching a show at the Writers Theatre, or admiring one of the thirteen Frank Lloyd Wright-designed structures, Glencoe is the place to be.
However, before you make a purchase, you should consider several factors. From assessing your budget to understanding the local real estate market, make an informed decision about your investment in this beautiful community.
1. Location
Located just 20 miles north of downtown Chicago, Glencoe Village is a beautiful, affluent suburb. Location and accessibility are important factors to consider when buying a vacation home. Whether you plan on spending time at the beach, on the golf course, at the park, or shopping, you'll want your vacation home to be located near all the attractions and amenities you'll want to enjoy.
2. Historical and architectural significance
Many of the homes in Glencoe Village are architecturally significant, including those designed by Frank Lloyd Wright. Both the monetary value and the cultural value of a property can be affected by its historical and architectural significance. It can also determine how the property is used or preserved in the future, such as whether it is designated as a historic landmark or subject to strict preservation guidelines.
By understanding a property's historical and architectural significance, you can gain a deeper understanding of why it is significant to a community and how it fits into a broader historical narrative.
3. Property size and outdoor space
When searching for a vacation home, it's important to consider how you plan to use it. Are you planning to spend most of your time outdoors with family and friends, relaxing under the sun or near the water? You might be interested in a vacation home with a large backyard, outdoor kitchen, and proximity to the beach.
Alternatively, if you want to relax indoors and cook and read, a more cozy setting with comfortable bedrooms and a spacious kitchen might be more suitable for you. The more you know about your ideal vacation, the easier it will be to narrow down your search for Glencoe vacation homes.
4. Modern updates
It may be more expensive to buy a vacation property that comes with updated appliances or has recently been renovated, but it can save you money in the long run.
A home that has been upgraded is more likely to have durable appliances that are less likely to break down, saving you the hassle and cost of frequent repairs. In addition, freshly painted walls and modern amenities may attract renters if you plan to lease your vacation home.
5. Additional expenses
When buying a Glencoe vacation home, it's important to factor in all additional expenses that come with owning a property. Property taxes, homeowner association fees, utilities, and maintenance costs are some of the expenses that you should consider.
Similarly, utilities and maintenance costs can add up quickly, so it's important to factor these into your budget as well. It's always better to have a realistic understanding of the costs upfront, so you can make an informed decision about whether or not you can afford to own a vacation home in Glencoe Village.
6. Security
When you own a vacation home, it's important to consider the security of the property, especially if it will be vacant for extended periods of time. Look for a home with a security system installed, or consider installing one yourself.
7. Rental potential
Considering the local rental market and the amenities that renters want in a vacation home is crucial if you plan to rent out your vacation home when you aren't using it. Look at Glencoe homes for sale that offer rental potential and consider the features and amenities that are in demand. For example, a home with a pool or a beachfront location may be more attractive to renters than a home without these amenities.
It's important to factor in rental income when considering the affordability of a vacation home in Glencoe Village. If you're able to generate rental income, it can help offset the cost of owning the property and make it a more affordable and lucrative investment in the long run.
Ready to look at Glencoe homes for sale?
In this planned community, the Village is mostly residential, with neighborhoods that include beautiful parks and schools. The diverse range of architectural styles of homes in Glencoe, designed by renowned architects like Frank Lloyd Wright, Robert Seyfarth, Keck & Keck, and others, makes it a charming and unique location to consider for buying a vacation home.
Owning a vacation home in Glencoe Village or nearby Highland Park real estate can be a dream come true for many. If you're considering buying a vacation home in these areas, it's important to work with a knowledgeable and experienced real estate agent. Karen Stroble has a deep understanding of the Glencoe and Highland Park real estate markets and can help you find the perfect home to fit your needs. Contact Karen today to start your search for Glencoe homes for sale and turn your vacation home dream into a reality.