House hunting: what are the different types of properties?

Understanding NZ property types is key for house hunters. Freehold provides full ownership of the house and land, while a Cross Lease involves shared land where changes may need neighbour approval. Leasehold means you own the dwelling but lease the land, often paying body corporate fees.

Buyers also choose between a New Build, which may allow a lower deposit but risks value drops, and an Existing Home offering quicker settlement but potentially more maintenance.