A common layout for new home developments now has neighborhoods clustered around and on a golf course. Sometimes the houses are directly on the course, while other layouts have the houses separated by a street or open land that isn't really part of the course. These are nice houses in general, and buying one can be tempting. However, you must be sure the location is right for you. In some cases, you're better off elsewhere, but in others, you're exactly where you need to be.
Speculation vs. Reality
When you see a golf-course home, you might think that you'll join the community club, start golfing, and get some exercise. If you like golf and have long been interested in it, here's your chance. Fees are often very reasonable for residents, and having neighbors who regularly golf can keep you in the habit of going.
However, maybe you've never really taken steps to learn about golf and are using the course as a sort of excuse to make the home look good to you. (This isn't unheard of for people who are limited in what they can buy and who don't really like the homes they see, so the course becomes a sort of stand-in benefit that replaces features the buyer truly wants.) In this case, maybe your housing search should focus elsewhere. Paying extra to be near a golf course when you're not really interested in golf won't do much good.
Open Space
Golf courses do provide one very big non-golf benefit: open space. If you want to be in a neighborhood that has a buffer between the homes and other built-up areas, living near a golf course is perfect. You'll still have other houses nearby, but you'll have some nice, green land to look at instead of a continued stretch of concrete.
Neighborhood Activity Level
There's no doubt about it: a golf course–oriented neighborhood is likely to be much more active. Because many of your neighbors will be there for the golf, you'll see a general level of activity (golf, walking, and so on) that's higher than in many non-golf neighborhoods. Even if you don't golf, that extra activity could encourage you to start moving yourself.
How Close to the Course?
Let's say you've decided you do want a house on a golf course. Now you have to look at where the individual house is with reference to the course itself.
In many neighborhoods, the houses are not actually on the course but separated by some open land, or the house you want is in the middle of the neighborhood and not on the edge by the course itself. But for those houses that are right by the course, look at the side of the house facing the course. Do you see golf balls in the yard? Are there spots of damage from balls hitting the house? If so, that means that being outside in the yard on that side would put you at risk of being hit by a ball. There are people willing to take that risk, and if you're one of those people, then this won't matter to you. But if you hadn't thought about balls flying off course, it is something to consider.
If you want to look at a house on or near a course, talk to your real estate agent about the various factors surrounding the house's exact location. That will help the agent find houses that you'd seriously consider buying and make your search a lot more effective. It's always important to do some personal research, too, when buying new homes.