Who wouldn’t want to live in a community with an elaborate rec center -- say, one with a fully equipped gym, an Olympic-sized pool and a few tennis or pickleball courts? Possibly even a fancy clubhouse where meals are served, right next to an 18-hole golf course?

The problem is, you and all the other residents have to pay for those amenities, as well as their upkeep -- whether you use them or not. And sometimes those charges can be hefty.

They’re called homeowners association (HOA) dues -- or, in apartment buildings where people own their units, condominium association dues. These fees don't just pay for amenities, but also take care of the community's streets, landscaping and other common elements.

According to the latest Census Bureau figures, nearly two-thirds of all single-family houses started in 2023 were within HOA-governed properties. Now, a new study by Realtor.com has found that more existing houses than ever are in HOA-run communities, and that the fees collected to operate those properties are rising.

Consequently, buyers of all stripes now have another cost to factor into their affordability considerations. It's not just PITI -- principal, interest, taxes and insurance -- but HOA expenses, too. The fees are often overlooked by buyers, even though they are mandatory.

Realtor.com found that 41% of the places listed for sale last year were in association-run communities. The median monthly HOA fee for existing homes was $148 -- up 15% from 2023.

“With a down payment and closing costs up front, and then principal, interest, taxes and insurance every month after that, purchasing a home is already a financially daunting task before adding in the rising cost of HOA dues,” said Realtor.com Chief Economist Danielle Hale.

Buyers are most likely to be faced with HOA fees in areas with a high concentration of new construction or condos, especially in desirable beach or ski markets. In Edwards, Colorado, for example, 90% of the homes listed in 2024 called for HOA fees. In Myrtle Beach, South Carolina, it was 85%.

In Myrtle Beach, the median monthly fee was $138. But in Edwards, it was $525. As you might imagine, buyers sometimes balk at properties that come with dues they consider exorbitant.

“It happens with some frequency,” said Nikki Beauchamp, an associate broker at Sotheby’s International Realty in New York City. “I also have buyers who will only look at HOAs that are below a certain threshold.”

Broker Ryan Whitcher of Harmony Home Buyers in Charlotte, North Carolina, reports that some sellers underestimate how HOA fees affect the marketability of their houses -- particularly when targeting younger buyers.

“Millennials and Gen Z clients often prioritize financial flexibility,” he said, “and recurring fees can feel like a burden, even if they enhance the community.”

Expensive or not, the Condominium Association Institute says its surveys consistently find that residents are overwhelmingly satisfied with their associations. Some 82% believe their associations’ elected boards are serving their best interests, and 72% agree their community manager provides valuable support.

If you're considering buying a place with an HOA, first make sure you can afford the fees, then ask yourself if the charges are worth it. If you plan to use all the facilities the community offers, great. But if you just want a gym, a membership at a club outside the property may be a better bet.

Parker McInnis of Speedy Sale Home Buyers in Troy, Michigan, advises buyers to “always closely examine association costs before making a purchase to make sure they match the value offered.”

It's not just about the money, though: You are going to have to live by the rules and bylaws of the association. If you want to put up a flagpole, for example, or put in native shrubs or park your work truck in your driveway, you may violate the regulations.

“HOAs should be taken seriously,” warns Omer Reiner of Florida Cash Home Buyers in Fort Lauderdale. “Failure to adhere to the rules established by a neighborhood group can cost you. You likely would face a fine by ignoring a violation letter, and you could even get a lien placed on your home.”

The bottom line, says economist Hale, is that would-be buyers should “look closely at what benefits the HOA actually provides ... and decide whether those are really worthwhile. If not, it may be wiser to save that monthly expense and target a home without HOA obligations: most likely an older single-family home in a less flashy neighborhood.”

Hurricanes, tornadoes, floods and wildfires have become all too common. No part of the country seems immune.

If you're struck by one of these disasters, you’re going to need money. The good news is that there are numerous financial resources available to help you rebuild.

First things first: Assess and document the damage, secure your property and file an insurance claim. Then, contact the company to which you send your mortgage payments. These companies all have programs that will allow you to skip your payments for a period of time -- but they need to hear from you first.

When it comes to insurance, your policy might not cover all the damages -- or you might not have coverage at all, as often happens with floods. So look into these resources as quickly as possible.

Much of what you are about to read comes from “Disaster Recovery: A Resource for Homeowners,” a guide created by the Mortgage Bankers Association. You can download and read the entire 17-page report at mba.org/disasterrecovery.

You can use a good chunk of your home's equity to finance repairs. Consider a second mortgage -- a line of credit that allows you to access funds as you need them -- or a refinance, in which you take out a new loan for more than you owe now and take the difference in cash.

Unfortunately, if your house has been destroyed completely, your property is currently worth only as much as the land it sits on. Your equity will have been all but wiped out, and you’ll have to recoup it through the insurance claims process.

That's often a long road. If you need to look elsewhere for funds in the meantime, Uncle Sam can play a big role.

The Federal Emergency Management Agency provides financial assistance to people who are underinsured or uninsured and in serious need. The help may include money for temporary housing, repairs to the house, medical expenses and even funeral costs. But there are application deadlines, so don’t hesitate: Don’t even wait to hear back from your insurer first. For more information, see fema.gov/assistance/individual/program.

The Small Business Administration offers low-interest loans in areas declared major disasters by the president. Despite the agency’s title, you don’t need to own a business to apply: The loans are open to homeowners and renters, as long as they are either underinsured or uninsured. Businesses and most private nonprofits are eligible, too, but coverage is not extended to second homes or vacation houses -- only primary residences.

SBA loans will help you repair or rebuild your house. You can also use the funds to replace lost or damaged clothing, furniture, appliances and vehicles. You can’t use the money to upgrade or enlarge your house, of course, but depending on your circumstances, you may be eligible to borrow additional funds for improvements that will help prevent future issues -- for instance, adding a sump pump to reduce the risk of future flood damage.

For more information, see sba.gov/funding-programs/disaster-assistance or call 800-659-2955.

Other federal agencies can be of help, too. The Federal Housing Administration has no-down-payment loans for folks whose primary residences (single-family houses only) were seriously damaged or destroyed in designated disaster areas. Note: You have to apply within a year of the disaster declaration. See hud.gov/fha.

With another FHA program, 203(k) loans, you can refinance your mortgage and include the cost of major repairs. Again, owner-occupied, single-family residences are eligible; investment properties and vacation homes are not. Owners of condominiums and townhouses can use the program for interior projects.

These loans are not as widely offered as others, but they can cover complicated projects and extensive improvements. For details, see hud.gov/program_offices/housing/sfh/203k/203k--df.

For people in rural areas, the Department of Agriculture’s Rural Development branch offers loans for essential repairs to low- and very-low-income homeowners, typically those who earn less than 80% of their area’s median income. Borrowers must be unable to secure affordable credit elsewhere. For details, see rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-repair-loans-grants.

Meanwhile, the Internal Revenue Service offers income tax relief to people residing in any FEMA-designated disaster area. You’ll get a stay on filing and paying your taxes for up to six months, and you can choose to claim your disaster-related losses on your returns for either the year they were incurred or the prior year.

Moreover, qualified disaster-relief payments can be excluded from your gross income. The IRS says that affected taxpayers can omit "amounts received from a government agency for reasonable and necessary personal, family, living or funeral expenses, as well as for the repair or rehabilitation of their home, or for the repair or replacement of its contents." For details, see irs.gov/newsroom/tax-relief-in-disaster-situations.

Taxpayers in disaster areas may also be eligible for expanded access to their retirement funds. Not only that, but the amount withdrawn may be exempt from the 10% early distribution tax.

Some state and local governments offer disaster relief; check their websites to see if you are eligible. Another good resource is 211.org, which helps people locate local resources, including those related to natural disasters.

And don’t forget the American Red Cross (redcross.org), which offers immediate financial aid in addition to shelter and supplies for disaster victims.

Every few years, federal regulators issue warnings to banks and credit unions about the dangers of senior financial abuse.

But it isn’t just up to financial institutions to spot instances of potential fraud. It’s also up to anyone with a family member or friend who’s getting up in years -- especially if they own their home.

Elderly homeowners are a prime target for swindlers, and it’s easy to see why. Not only are seniors viewed as vulnerable and trusting, but homeowners aged 62 and older are sitting atop roughly $14 trillion of housing wealth.

Unfortunately, an AARP report says that older adults lose around $28.3 billion annually to some form of financial exploitation. And the Financial Crimes Enforcement Network, part of the U.S. Treasury Department, says banking institutions filed more than 155,000 elder financial victimization reports in the 12-month period ending in June 2023.

These reports don’t break out figures related solely to the housing sector. But financial exploitation can take many forms, as do those who prey on unsuspecting seniors. Sometimes, for example, rogue loan officers or real estate agents persuade an elderly homeowner to sign false loan documents and keep the proceeds for themselves. Sometimes, they even take over the senior’s house.

More often, though, the culprit is a family member. Verified cases by the New York State Office of Children and Family Services found that two-thirds of elderly fraud perpetrators were family members.

Sons are most likely to rip off a parent or grandparent, according to a MetLife study. But fake paramours, fly-by-night contractors, bogus handymen and shady housing professionals are guilty, too.

Most mortgage lenders, real estate professionals and contractors act lawfully. But some don’t. In one instance, a loan broker persuaded a widow with dementia to take out a reverse mortgage on her house. In another case, a tax preparer took total control of all the assets of a 65-year-old client. In yet another, a popular hairstylist persuaded three women to let him manage their real estate investments. When one died, it was discovered that he had depleted her bank and investment accounts, and her home now belonged to him.

The message here is clear: If there is an elder in your life who is considering a reverse mortgage, home equity loan or some other type of financing, or is even just hiring someone to remodel a kitchen or bath, gently talk to them about their plans. Make sure it makes financial sense.

This, of course, assumes your senior is willing to discuss their financial situation; many keep that information private for fear of losing their independence. But if you can get them to open up, talk about the pros and cons of their plans together.

In situations involving reverse mortgages, in which borrowers extract equity from their properties, federal rules mandate that borrowers meet with an independent housing counselor for a full explanation of what is involved. But there are no such protections for other types of loans or for dealing with contractors. Consequently, you should make sure your senior knows exactly what they are getting into.

Here are a few questions to ask to make sure they aren't being exploited:

-- Find out who is really going to benefit: the senior, or someone else. Red flags include caregivers who isolate elders from their family and friends, new “best friends,” missing belongings, and bank and investment statements that are no longer being received by the senior.

In one case, a woman established a joint checking account to help another woman she'd befriended in a senior computer class pay her bills. Only after one of her checks bounced did she discover most of her money was gone. In another instance, a caregiver in a group home diverted the Social Security checks originally sent to more than 30 residents to her own home.

-- Try to determine if the senior is being coerced, and if so, by whom. Be particularly aware of in-home helpers, including personal care attendants and meal service providers, who have access to the senior’s financial papers and identifying information. Pay special attention to those hired directly from newspaper ads or referral services that are not screened by a local government agency.

In one case, a caregiver hired by an 84-year-old bedridden senior forged the senior’s signature to create a false power of attorney. The caregiver then proceeded to put his name on the senior’s accounts and replace the senior’s home address with his own. Luckily, the senior took action when he realized he was no longer receiving monthly bank statements.

-- Determine if the senior’s needs can be solved in another way. For example, there are several alternatives to a reverse mortgage, and there may be other choices besides a second mortgage to pay for a needed remodeling project.

If this is beyond your area of expertise, consider calling in a trusted or recommended professional for advice.