House hunting: what are the different types of properties?

Understanding property types is key for Kiwi house hunters. Common 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 dwelling but lease the land, often with body corporate fees.

New Builds may require a lower deposit but risk value drops before settlement. Existing Homes often have larger sections but may need more maintenance.