House hunting: what are the different types of properties?

Understanding property types is crucial for Kiwi house hunters. There are several ownership structures to consider:

- Freehold: You own both the house and the land, offering maximum flexibility.

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

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

You can also choose between a New Build or an Existing Home. New builds may have lower deposit requirements but risk value drops before settlement, while existing homes often have more land but may need more maintenance.