If you compare these 2 variants,
У моего знакомого есть большой дом - i am suggesting that in some contexts the meaning could be 'he has a big house, and the fact that he owns (most likely he is the owner if phrased this way) a BIG house is important and specified here, while he may have another small house as well'
У моего знакомого большой дом - agree that it means 'the house of my friend is big'