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 involving body corporate fees.

New Builds offer benefits like lower deposit requirements but risk value drops before settlement. Existing Homes often have larger sections with potential to add value but may require more maintenance.