1. Up Close and Too Personal?
An estimated 60 percent of new golf-community residents don’t buy for the golf, they buy for the premium that a golf course, as open space, adds to home values—and also for the use of non-golf amenities. These folks may well forego a house lot right on the fairway, whereas you, the devoted golfer, would likely insist on being pressed right up to the action. But keep in mind, this could mean a lack of privacy. Mowers drone at the crack of dawn, errant golf shots bang off your roof and trespassers are tramping through your property looking for wayward balls. Consider perhaps a distant golf view.

2. Check Track Records
No wise business transaction is ever made without proper research. The purchase of a high-priced golf course home should be no different. Read up on your prospective developer’s existing communities and see if amenities were delivered on time and neighborhoods were built out as promised. Signs of a healthy development: The golf course is in good shape, the pro shop is stocked with quality merchandise and the club is well-staffed inside and out.

3. Study the Land Plan
To protect your valuable investment, get a clear understanding of the developer’s master plan. That means knowing the density of the development—housing units per acre—and what type of homes and prices are projected. There is nothing more distressing than a developer spontaneously starting up a line of “affordable” homes alongside the golf course, causing the high-end homes that were built earlier to languish in value. Almost as bad: Having the community in a constant state of plodding construction, or dotted with empty lots because the developer is courting the speculator segment of the market by foregoing a requirement for timely construction starts after lot sales are completed.

4. Look Outside the Gates
If it weren’t for the beauty and ambiance of the amenitized community you are about to buy property in, would you ever move to the area in which that community is located? That’s a question you should ask yourself, because as the months and years go by, what you find outside the gates will have an increasing effect on your happiness inside them. Before you sign the contracts, make sure you’ve thoroughly researched the surrounding area, particularly its future growth as it relates to important infrastructure. That way there will be no regrets later.

5. Designers and Dollar Values
Beyond the sheer beauty and playability of the golf course, one factor to weigh from an investment perspective is the architect of record. Specifically, is one of the “name” golf course architects, such as Tom Fazio or Jack Nicklaus, involved with the project? To be sure, there is a group of lesser-known golf course designers who produce excellent courses, but so far haven’t seen their work help fuel sharply higher lot prices and future values. In a recent study by the Golf Research Group, Fazio, Nicklaus and the Tom Weiskopf-Jay Morrish team were associated with eight of the 10 priciest communities in America from 1998­–2003. Average home prices in that group exceeded $3.5 million. 6. Where Privacy and Promotion Clash
The people who eventually buy the property down the road from you will have to be exposed to the community somehow, which is why outside play, whether in the form of Monday outings, state tournaments or professional events, is often a necessary evil for all-important community exposure. It can also be a source of revenue to help operate the club more affordably and efficiently. Find out how much outside play the sales group is planning to allow. On the flip side, if you are the type who would tend to bring clients or charitable groups to the community’s course, find out how much resistance you will likely incur and what sort of fees and rules will govern your hosting activities.

7. When an Enclave Isn’t
With more young affluent families buying a piece of golf course developments, developers are building “neo-urban,” fully amenitized town centers into their master plans.  Rather than just houses, roads and recreational amenities, you’ll have your own pre-planned town, replete with schools, medical offices and other commercial and retail mainstays, from banks to restaurants and grocery stores. Before you buy into one of these communities, make sure this hub of activity and lifestyle is indeed what you want with your new home.

8. Study the Fine Print
If you love the golf course at a community down the road but prefer the overall community where you now live, you may opt for a less-expensive sports membership or house membership rather than pay for full golf privileges. This sounds fine—until it’s time to sell your home and you can’t guarantee a golf membership because the club’s sold out. Other important matters to keep in mind are the policies regarding your deposit or initiation fee in the event you decide to sell or transfer your membership. Most significantly, how long will it take to get your initiation money back and what percentage of it will be rebated?

9.Non-equity vs. Equity
A fundamental consideration of any private club is the structure of its ownership. What it comes down to is whether you want to have an ownership stake in the club’s assets and operations. There are pluses and minuses to both models. On the non-equity side, the developer of the community has control of the club and will tend to hire seasoned experts to run all aspects of the golf and associated amenities. In return, homeowners and members pay initiation fees and monthly dues to support the facilities. Conversely, some people prefer having an equity stake in a club, or more importantly, a say in all matters of the operation. Though this might have its benefits, be prepared to pay for that power through sizable assessments and the inevitable controversies within the membership on important issues.

10. The Right Rep
There are a number of resources to help you pick out a golf course community, but shopping for a home is best done through the developer’s inside sales team. Though many local brokers and real estate agents can sell property, no one knows the property, its history and all that it offers better than the developer’s own sales and marketing team. Not to mention, going through the developer’s “discovery center,” as some describe it, could mean additional incentives that an outside broker might not be able to offer.