House hunting: what are the different types of properties?

Understanding NZ property types is key for house hunters. Common ownership structures include:

- Freehold: You own the house and the land.

- Cross Lease: You own the house but share land, requiring neighbour approval for changes.

- Leasehold: You own the dwelling but lease the land, often with body corporate fees.

New Builds may offer lower deposit requirements but risk value drops before settlement. Existing Homes often have larger sections and potential to add value but may need more maintenance.