Areas with no deed restrictions mean that the community has not imposed additional rules and regulations on top of standard city ordinances. While you need to make sure your home is up to code and permitted properly according to Punta Gorda or Port Charlotte ordinances, you are generally free to use your home and land however you see fit.
Some home owners love communities without deed restrictions and the freedom to store jet-ski's & motorhomes in their driveway or to not have to mow their yard regularly. Others enjoy the more manicured look that comes with deed-restricted neighborhoods.
See our section about communities in Charlotte County with deed restrictions if that area suits you better.