Lincoln Park is a universally envied Chicago neighborhood. Residents are next door to great restaurants, high-ranking schools, and fantastic urban parks. Luxury buyers can choose from waterfront homes, as the neighborhood borders Lake Michigan and the Chicago River. Read on for a comprehensive overview of buying a home in Lincoln Park.
Why buy a house in Lincoln Park?
Buying a home in Lincoln Park is an excellent choice for any buyer. Retirees love it for its vast and varied recreation and Lake Michigan views. Professionals can spend an evening at acclaimed restaurants and weekends at local bars. All residents love the vibrant arts and music scene reflecting the city’s character.
Lake Michigan views
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Area buyers eagerly seek out real estate with a view of Lake Michigan. The lake also serves as a vital source of recreation for the neighborhood’s residents. Lincoln Park features over 1,200 acres of green space. Bikers and runners commonly use public spots like the Lakefront Trail. As residents flock to the lake and its surroundings, it’s become the nexus of Lincoln Park.
Arts and music scene
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The arts and music scene also thrives in this densely populated city. Stop at Kingston Mines to listen to world-class Chicago blues music through the night and into the early morning. Or catch a show at the Steppenwolf Theatre, founded in 1974. The Theater on the Lake combines the best of Lincoln Park for incomparable performances.
Acclaimed restaurants
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The culinary scene in Lincoln Park is just as exciting. For example, Alinea is ultra-acclaimed and often considered among the city’s best restaurants. You can fully engage in their one-of-a-kind interactive presentation and avant-garde tasting menu. The flavors of Lincoln Park genuinely have an international reach.
Best neighborhoods in Lincoln Park
Lincoln Park’s distinct sub-neighborhoods offer communities that appeal to its diverse population. Check out these top three neighborhoods in the area when buying a home in Lincoln Park.
Old Town Triangle
The Old Town Triangle is one of Chicago’s historic neighborhoods. As such, residents are surrounded by architecture from another time. Modern-day additions like open spaces and parkways rejuvenate the area. Residents love the immersive character of Lincoln Park and the nearby art scene and shopping.
Sheffield Park
Considered the garden district of Chicago, Sheffield Park has risen in popularity over the past few years. This urban neighborhood celebrates its nature focus with The Garden Walk, a lively festival. Like Old Town Triangle, Sheffield Park is historic, designated a National Historic District in 1976.
DePaul
Within Lincoln Park is DePaul University. The sub-neighborhood surrounding DePaul mainly consists of college students. This lively, youthful community is right next to nearby boutiques and startups. The university events also make it an exciting place to live.
What to know about buying a house in Lincoln Park
Buying a house in Lincoln Park is best done with the help of a local real estate agent. They can guide you through market trends, loan options, and the buying process.
Median house price
Houses in Lincoln Park regularly sell for over $750,000. At the peak of the luxury market, you’ll find a few mansions in the neighborhood priced over $10 million. Lincoln Park is more expensive than most areas in Chicago, with motivated buyers willing to pay a premium for its prime location.
Loan options
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Most buyers traditionally financing a home use a conventional loan. Conventional loans aren’t backed by the government and can be conforming or non-conforming. Meanwhile, VA loans are available to members of the U.S. military and come with perks (no minimum down payment, no credit score requirement, and capped closing costs). Finally, FHA loans are another government-backed option great for buyers with lower credit scores who need smaller down payments.
Closing costs
Closing costs for Lincoln Park buyers total 2–3% of the purchase prices. So, if you buy a house for $700,000, prepare for closing costs between $14,000 and $21,000. Closing costs include mortgage fees, a title search, recording fees, home inspection, home appraisal, and real estate transfer taxes. Buyers should also prepare for property taxes, which are 2.19% in Cook County.
Money-saving tips for buying a home in Lincoln Park
Buying a home in Lincoln Park is a significant investment for anybody. However, there are ways to save. Follow the money-saving tips below during the buying process.
Find the best mortgage rate
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Buyers financing with a mortgage should research several different local lenders. By comparing mortgage rates, you can save serious expenses in compounded interest, especially when buying high-priced homes. With a knowledgeable realtor on your side, get quotes from multiple lenders, as they can be used when negotiating a rate.
Maximize your down payment
For buyers who can afford it, paying off more of your property upfront reduces fees from interest. Rather than paying off the interest, you’re paying off the property. Investing more upfront can also make monthly payments more manageable.
Increase your credit score
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Most buyers must undergo a credit check to qualify for a mortgage. Buyers with higher credit scores are typically given better interest rates. This is because they’re seen as less risky investments. Increase your chances of getting approved for a good rate by building your score.
Secure a commission rebate
Buyers working with buyers’ agents in Illinois can also save money with a commission rebate. Agents don’t have to work at a discount for a rebate to apply. Often you can receive full services from a leading company at a lower price.
Move forward with your home search
Buyers searching in Lincoln Park should partner with a local real estate agent when starting their search. They can tell you about the neighborhood’s perks and guide you to a property you love. When you’re ready to begin your home search, contact experienced agent Adrien Bellagio to guide you.
*Header photo courtesy of Shutterstock
