House hunting: what are the different types of properties?

Understanding NZ property types is crucial for house hunters. There are several ownership structures:

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

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

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

Buyers also choose between New Builds and Existing Homes. New builds may have lower deposit needs but risk value drops before settlement. Existing homes often have more land but may require more maintenance.