Feature article
House hunting: what are the different types of properties?
There’s plenty of variety in the NZ housing market.
AI summary
Understanding NZ property types is key for house hunters. Ownership structures include:
- Freehold: You own the house and the land, offering maximum control.
- Cross Lease: You own the house but share land, needing neighbour approval for changes.
- Leasehold: You own the dwelling but lease the land, often with body corporate fees.
New Builds can offer lower deposit requirements but risk value drops before settlement. Existing Homes often have more land but may need more maintenance.
1. Freehold
2. Cross Lease
3. Leasehold
4. New Build
5. Existing Home
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