Many properties built in the last 20 or 30 years were built in some type of HOA. This type of association often has as much (if not more) effect on the homeowners as the city or town in terms of maintaining roads, common areas, landscaping, or exterior of homes.
If dues are unpaid by one property owner (due to foreclosure or financial distress), this will affect other owners, perhaps resulting in a special assessment.
The HOA is supposed to keep proper reserve funds and stay on top of when major expenses are likely to be due. Make sure your association is planning ahead so you don’t end up getting an extra bill.
Also make sure your HOA has proper insurance in place, so liability for a potential lawsuit doesn’t end up falling in the property owners’ laps.