Just over a year ago, owners of golf course homes were worried about the appeal of their property to home buyers. Sales of golf community homes were downward as interest in the sport waned over the years. Then the pandemic came, and everything changed. Residential golf property returned to buyers’ radar after years of poor sales, causing the price of golf course homes to skyrocket in 2021. What’s different, and why is almost every homebuyer seeking property in golf communities? Read on to find out.
The Resurgence of Golf Community Homes
Until recently, investing in golf course homes was regarded as a poor use due to low demand for such properties. Most property renters, usually younger people, were less likely to be golfers. Golf course properties were also notoriously overbuilt, causing many golf course properties to fall into disrepair, plunging the entire market in a downward trend. However, after years of poor market performance, it looks like things may be turning around for the golf course community due to the Covid-19 pandemic.
The National Golf Foundation reported that the rounds of golf played in the United States went up by 20.6% in August last year as the pandemic became prevalent. More people are leaving the city life as more remote working policies have been implemented to curb the spread of the virus. As an outdoor sport that doesn’t get in the way of social distancing, golf course community homes have witnessed a significant uptick in demand. Most communities have even taken the added precaution of allowing members to ride in their carts, reducing the risk of physical contact. Overall, golf has become more popular, and homes associated with golf courses have gone up in demand.
Is a Golf Course Home a Good Investment?
While the latest market trend has seen the demand for golf course property rise drastically, it is worth noting that not every investment in a golf property is a smart one. The golf course’s condition plays a significant role in the appeal and value of a golf course home. Owning a home near a golf course in disrepair will not make your property any more attractive. On the contrary, it may even lower the value of the home. An investment in a golf community home can backfire if the golf course goes out of business. In most situations like this, the home can lose more than 25% of its value. Even though it costs more to invest in a property with a top-quality golf course, it may be worthwhile. Various studies have shown that homes in golf course communities tend to retain their values better than other homes as long as the course is in perfect condition.
Conclusion
While 2021 was not the perfect year for sports, golf may have just won the draft with the pandemic and other lifestyle modifications changing people’s allegiance towards the sport. As the game’s resurgence begins, now may also be the best to invest in a golf course property or even get one for yourself.
