House hunting: what are the different types of properties?

Understanding NZ property types is crucial for house hunters. Ownership structures include:

- Freehold: You own both the house and the land.

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

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

When choosing, consider a New Build for lower deposit options and grants, but be aware of potential value drops before settlement. Existing Homes often have larger sections but may require more maintenance.