HOA=Home Owners Association. Ostensibly they exist to “keep things looking nice”, and in many neighborhoods, this promise is delivered.
The danger is… you are no longer king or queen of your castle. If you want to repaint your home, you will almost certainly need to get permission from the HOA. If you want to landscape out front, same thing. Parking a car on the street in front of your home? Some HOAs will issue tickets, and any fines they assess against you for whatever perceived transgression can potentially be collected by placing a lien on your home. There have even been homeowners who have lost their houses because of HOA fees being aggressively pursued.
As long as you speak with other people in the neighborhood and find out what the ‘skinny’ is, you should be fine, but know what you’re getting into for sure. HOAs are, in the parlance of the land, “Lawful Neutral” at best.