The concept sounds great: You purchase a golf home in a community that's run by one of the most notable resort chains in the world. You can live, play golf, exercise, socialize and do everything there, all the while taking advantage of the services that luxury hotel chains offer their guests. You're on permanent vacation.

Before you buy into the dream, there are a few issues to consider carefully. Expect, for example, to pay a premium for the level of service that you're going to enjoy as an owner. Juno Properties partner David Fenton says buyers should also realize that when they buy into a luxury resort golf community they're not only purchasing a residence and golf privileges, but also buying into a comprehensive lifestyle that often translates into higher club and association fees. Says Fenton: "The fees are higher because of what we're offering."

When conducting your due diligence, consider exactly what level of service and amenities you're looking for in a development. At Four Seasons, for example, the hotel services are integrated in a way that allows residents to take full advantage of them. Other establishments may approach the situation differently, so be sure to find out exactly what's at your avail before you make your buying decision.

You'll also want to check out all the available homes, since each development may offer a wide selection of units that may or may not suit your needs. Your choices will likely range from a 2,000-square-foot condo unit in Florida to a 4,000-plus-square-foot estate home in the Caribbean.

"Get out and live and experience the destination first, before you buy into the development," advises Four Seasons' Mike Minchin, who suggests a weekend visit to the resort side of the development as a way to experience the atmosphere, amenities and service levels. "If you come away with the feeling that this is the kind of service you want every day, then this option is probably right for you."