The key to being a savvy golf-community homebuyer is
obtaining information. You want to find out as much as possible about your
lifestyle, needs and preferences, as well as about the property, and there are
certain issues that are unique to golf communities. Here are 10 questions you
should ask of yourself and others.
1. Where do I want to be?
Sounds simple, but this question is about more than location,
especially when you're inspired by the views, dazzled by the course or
infatuated with the architecture. The bottom line is more practical. "Buy in
place you're going to use," says Michael Meldman, CEO of Discovery Land Company,
the team behind golf communities like Estancia in Scottsdale, Arizona, and
Mountaintop in Cashiers, North
Carolina. "I've found people purchase a place and don't
really know how much they'll use it."
2. Is the lifestyle right for you?
Meldman spends much of his summer at a Discovery property,
Iron Horse in Whitefish, Montana. A divorced dad, Meldman finds this
spot by the lake to be an ideal place to be with his teenage sons. "There are
all the activities we want," he says. "We get up, work out, go to the lake, and
they wakeboard behind the boat all day long." While these amenities are perfect
for Meldman, they may not be your cup of chamomile, so it's smart to consider
your lifestyle. Are you looking for a primary residence? A vacation property? A
corporate club? These answers will narrow your choices.
3. Are there enough amenities and activities, not only at the
club, but in the surrounding area?
It's important to consider the bigger picture. If you're a
golf addict, you'll want to find out about other courses in the area. If outdoor
sports are your thing, check out what's offered at the club (from fitness to fly
fishing) and how easy it is to get to other nearby recreation. If you're a
foodie, make sure there are sufficient markets nearby. Other considerations are
access to transportation, health care and other services.
4. How easy is it to get there?
A national restaurant-chain CEO chose to buy his second home
at Promontory outside of Park City, Utah, rather than Aspen,
Colorado, because it was easier for his family
to fly into Salt Lake City than Aspen, and he felt that Utah offered nearly all the activities he could find in
Colorado, as
well as multiple golf courses. Find out where the nearest airport is and factor
flight costs into your equation.
5. How trustworthy is the developer?
There is a whole line of questions in this area: What kind of
track record do they have? How financially stable are they? Who are their
financial partners? Do they have a lot of debt or is the property being financed
with cash?
"Half of our
projects have come out of deals that have not been successful and we've taken
over," says Meldman. "The other projects we have either started from scratch or
taken over from a very successful group. The people behind a project are
important in determining whether it does well."
Most buyers,
sellers and developers say that another great way to assess the integrity of the
developer is to study their other communities, and to talk to members and
residents there. Find out how satisfied they are, and if promises were kept. One
very successful high-end real estate salesperson even suggests talking to staff
personnel, to see how satisfied they are and to get a general feeling for the
property.
