Fore! Is Life On The Links The Right Move For You?

For many people, living in Florida in a golf club community is about as good as it gets. The weather is balmy, the houses are beautiful, the landscaping is lush, and of course, there’s golf just outside your door.

The appeal of golf club living draws many people to South Florida communities that offer year-round access to the links. No surprise: Florida reportedly is home to more golf courses than any other state.

But combining golf club membership and real estate may not be the right move for everyone.

Roughly 1,200 private golf clubs in the U.S. have homes built near or within the gates, according to a recent Wall Street Journal article. In some locales, club fees and maintenance can put a strain on homeowners and diminish, rather than enhance, home values.

For an inside look at country club living, including a sneak peek at clubs and communities in the South Florida region, check out Candace Taylor’s Wall Street Journal article on the challenging economics of golf.

The Takeaway: We help many clients understand the costs of home ownership before they make an offer. Buying a home in a gated community, or any community with HOA (Homeowner Association) fees, involves additional costs that you’ll want to factor into your budget.

If the community includes golf, tennis or other facilities, there may be membership or other recurring fees that can increase your costs of ownership. You’ll want to do your homework before buying, so that dream house on the links doesn’t turn into a money pit you would rather forget.

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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