Be sure to read the HOA regulations. There can be lots of restrictions.
You'd better believe it!
Many years ago I purchased a townhouse in Alexandria, VA that was part of a condo association. It was in a charming mews setting, but after a while I noticed that a lot of maintenance was simply not getting done. I spoke to my neighbors and many felt the same. We ended up ousting the board and putting in people who were more attentive and I -- for my sins -- ended up as president. A neighbor who was an attorney and I went through the bylaws line by line. They were written in such a way that virtually ANYTHING could be against the rules if the board wished to interpret it that way.
We got the maintenance done and found interesting little areas of neglect along the way. I sold not long afterwards and purchased a "fee simple" townhouse a few blocks away. In Virginia, "fee simple" means that you're not part of a condo association. There's an abutting wall, but no common property. For me, this was a much better arrangement.
Condo association boards can raise the HOA fee enormously and on short notice. This happened to a real estate agent I knew. She and her husband suddenly owed $4000 to the board for some repairs. They sold and moved to a "fee simple" townhouse.
Condos have advantages, to be sure, but much depends upon who is on the board. It would be advisable to learn if there have been any special assessments and for how much. For most of us surprises of this sort are not welcome.