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. 6. What will things look like down the road?
"It's important to look at a property and ask what this investment and this property are going to look like in five years, in 10 years, in 20 years," says Peter Forsch, president of Spanish Peaks in Big Sky, Montana. "We can tell prospective buyers exactly how many homesites there will be and the upper limit of golf members.

"I was playing a course in California with someone who had played it a couple of years ago and at the beginning of the round, he said how open and beautiful it was. Then all of a sudden, half the fairways were lined with homes. So you need to understand where the developer is going."

7. What is the membership like?
Colorado-based golf-course designer Jim Engh recently moved from Castle Pines to the 16th fairway at Pradera in Parker, Colorado, a community with a course he designed. "I look for how fun the membership is going to be and what the age of the members are, because kids are going to become an issue," he says. "My kids are still young and I wouldn't want to join a place with an older membership that doesn't have many kids' facilities or programs."

8. Is a brand new club the way to go?
"One thing about new clubs is that you get to form your own club and that's really a cool thing," Engh says. "I was a member at a different club and it started to get just a little clique-y and stuffy. At Pradera I knew we'd have at least five years of everybody getting to know each other and getting along with everybody."

9. What is the value of a membership?
Do members get market value of their membership and do they own the facilities? Buyers might also want to consider whether their kids and their parents are attached to their membership. "Our memberships are structured as generational," says Meldman. "If I'm the member, my parents are members and my kids are members. So if you're spending a lot of money on a second home, you feel like you're putting an investment in your family. If your parents or your kids can't use it without you, it seems kind of silly to me."

10. What about the golf?
Does the club allow public or resort play? These options may trim dues, but they could also remove the close-knit community feel of the place. If you're set on a private club, it's important to understand how it works. Is it an equity club? Who will run the club? The club's structure can be a very good indication on how fair the developer is. And make sure a test round is part of your due diligence. After all, golf is your primary activity, and you will want to spend a lot of time on your playground after you buy. "You should be having a ball out on the course," says Engh.