I'm in my second home with an HOA.
The first one was in a newer neighborhood and was run by busybodies and nit-pickers. Rules were somehow meant to be over analyzed.
I once changed the oil in my car and was warned that the covenent "clearly" stated no cars on blocks or jacks. Forget about the fact that it obviously meant permanent storage of an unregistered car, folks were intent with bitching about EVERYTHING.
From what type of Christmas decorations, to how much grill smoke was too much. I'm not kidding. But it also didn't deter me because I simply told them to stuff it whenever confronted. Heck, I blew out a hole for a new window in my basement room. Got a lot of looks, but no issues since everything was made to code.
Anyway, I thought I'd never get into another HOA, but here on Cape Cod there is a huge potential to live next door to weekly rentals (not a good thing). My new neighborhood is better established, and the rules use mostly common sense. When a family moved into a house and left a dumpster in their yard for 6 months, it was the HOA that forced them to remove it. Otherwise, we would have had to wait for the BOH to condemn it, which would take years.
If you have time to be on the board, don't be shy of HOA's. But if you don't have time, or don't choose to get involved, it is a risk which deserves careful consideration.