Feature article
House hunting: what are the different types of properties?
There’s plenty of variety in the NZ housing market.
AI summary
Understanding property types is crucial when house hunting. New Zealand offers several ownership structures:
- Freehold: You own both the house and the land, offering complete control.
- Cross Lease: You own the house but share land, requiring neighbour approval for changes.
- Leasehold: You own the dwelling but lease the land, often incurring body corporate fees.
New Builds may require a lower deposit 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
Financial Disclaimer
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