How To Purchase A Golf Home On A Budget?
By: John Garcia | Date Posted: October 25, 2022
Table of Contents
- Do Golf Courses Increase Property Value?
- Which Factors Increase Golf Course Value?
- Before You Buy A Golf Course Home
- 6 Tips To Find A Golf Home For Less[+]
Being a golf enthusiast and devoted golfer, anybody would want to have a home inside a golf course community. But the situation does not always seem so positive regarding the price. Nevertheless, you can still get a golf course home at a bargain price if you follow some tricks. But first, let’s see if golf courses really add any value to the property.
Do Golf Courses Increase Property Value?
Apparently, the question comes to your mind whether a golf course really increases the property value or not. Similar to retirees, potential millennial buyers contemplate the idea of golf course communities when considering owning a real estate property.
Homes in golf course communities have about a 7% annual increase in property value. Moreover, the National Recreation and Parks Association’s study on the property value of a golf course states that a property with a golf course view has at least 15-30% higher value, even if it is not part of that golf community.
Which Factors Increase Golf Course Value?
The condition of a golf course matters a lot when you are considering buying a property in the arena. Not only does it make a wonderful golf field, but it also adds value to the surrounding real estate. These are the factors that increase golf course value.
- The golf clubs often have restaurants, gyms, and swimming pools for the members to enjoy the community as they would in a city. These facilities around the corner attract many buyers and clearly put weight on the price.
- The beautiful landscape of a golf course requires regular maintenance. And the maintenance requires equipment and professional groundskeepers to repair and take care of the course carefully. These things add to the community fees, eventually increasing the golf course’s value.
- Owning a home inside a golf course allows you to be near nature. Besides golfing, here you will enjoy the facilities like a resort.
- Golf is a gentleman’s game, and a golf course is generally a safe environment for buying a home away from crime and violence. This feature increases property value.
Before You Buy A Golf Course Home
Not all golf courses are maintained properly. Mismanagement or negligence often turns this valuable property into dispossession. As a result, the property value decreases and can even reduce up to 50% at the closing. Beforehand research can help you clearly understand what you actually want when purchasing a home in a golf community and avoid a bad investment.
If you prefer to play golf regularly, find a community that effectively puts effort into maintaining the golf course conditions. If they are not doing so, maybe it will turn into a ‘dead’ golf course and would not be worth the investment.
A good golf course community will offer you all the amenities and a safe home. Besides that, you also need access to other facilities and services besides golfing, like- schools, hospitals, parks, etc.
6 Tips To Find A Golf Home For Less
Take a look at these six tips and implement as many as possible to purchase a golf course home on a budget.
Be the first to buy
Purchase when the demand is low in the initial period because the price would be less. Buying early in the community will give you an advantage over other buyers. Often the brokers give ‘Early Bird’ discounts to first-comers to attract buyers, including a reduced membership fee, discounts on purchases at restaurants, and other activities. You can take this opportunity to avail a golf course home at a lower price.
Pick a bundled community
The idea of a bundled community goes like this: you have to pay the membership fee with the home price. As a golf lover and, of course, a devoted golfer, anybody would love the offer. Look for a bundled golf community to find a home at a good deal. Since all the residents share the club fees, it accumulates a lower fee for an individual owner. This way, you will be able to cut on the home budget.
Purchase a condo instead
Condos are more affordable than single-family homes. If you are planning to purchase a golf course home, a condominium or apartment on the golf course would be a better option if you are budget-conscious. When you have an additional budget to get a golf course home, you can rent the condo or sell it at a profitable price.
Consider a remote location
Real estate properties in suburban or rural areas come at a relatively lower price than those in populated areas. For golf-home buyers on a budget, Governors Club in Brentwood, Tennessee, is a great location, away from the busy crowd.
Golf homes located near a city are often expensive. So, if you can relocate your golf course home, you can still get a good deal at a local arena with ample amenities.
Avoid reputed brand architecture
Undoubtedly any reputed designer name attached to the property will increase the brand value and property price. The architect’s reputation has an impact on both the community and individually-owned properties. Hence, avoiding any reputed architecture brand or architect will be wise when you want a budget golf course home.
Purchase outside the community
Enjoying all the golfing facilities while not paying a high price for a golf course home is possible when you purchase the home outside the community. Additionally, the homeowners association fees are also not that high when your property is outside the golf course. And as a nonresident member, you will have to pay minimal amenity fees.
Therefore, when choosing a golf course home within your budget, consider buying it just outside the community and not inside. And you need to find a club with a healthy number of nonresident members not to be considered an outsider.
To avail of the best deal, you should take a deep look at the points we have just mentioned when searching for a budget golf course home.
Thank you for reading!