What are you allowed to compared to renting
Owning a house gives you some flexibility, but also requires flexibility. It allows you to decorate and remodel the place however you like, compared to renting. When the roof starts to leak, there is no telling the rain that this is a bad time. You need to have reserves for unplanned repairs compared to renting. When you rent, the landlord picks up the taxes, insurance, maintenance and sometimes utilities.
However, owning a home usually gives you more space, such as a backyard of which you are allow to use however you like (within the legal framework).
If you want to rent out your house which you in many cases have permission to, you do not need any approval from an association. You have the freedom to decide to whom and when to rent out your property. In comparisons, if you rent an apartment and afterwards want to rent it out the process is more complex and the landlord might not allow this.