Consider your real options
First home, next home, an investment property, or a lifestyle block, each comes with a different set of trade-offs and a different buyer profile you’re competing against. Being honest about which category you’re actually in helps you search (and negotiate) more effectively.
Understand what type of ownership you’re buying
Ownership type affects what you can and can’t do with a property, so it’s worth understanding before you get attached to a listing:
- Freehold (fee simple), the most common and generally simplest form of ownership in New Zealand. You own the land and (generally) what’s built on it, subject to any registered interests like easements or covenants.
- Leasehold, someone else owns the land, and you pay ground rent for the right to use it and any buildings on it for a set term. Ground rent reviews and a shortening lease term can affect resale value, so read the lease terms carefully with your lawyer.
- Unit title, common in apartments and multi-unit developments. You own your unit plus a share of common property, and automatically join the body corporate. Ask for the body corporate’s rules, minutes, maintenance plan and long-term maintenance fund balance before committing.
- Cross lease, common where several homes sit on one block. You own a share of the freehold land jointly with the other cross-lessees, plus a leasehold interest in the specific building and area you occupy. Changes to your area or the shared areas usually need the other owners’ agreement.
Your lawyer will confirm the ownership type and any restrictions on the actual title, this page is general background, not a substitute for that check.
What to actually look for at an open home
Beyond how a property presents, look past the styling: check for signs of damp or recent painting over problem areas, test taps and water pressure, look at storage, note street noise and sun direction at different times of day, and ask the agent direct questions about the property’s history. A property that photographs well can still have real issues an inspection would catch.
Buying with an agent or privately
Most properties on the market are listed through a licensed real estate agent, who works for the seller but is still legally required to act with skill, care, honesty and fairness towards you as a buyer under the Real Estate Agents Act 2008. Some properties sell privately, without an agent involved at all, in that case, more of the process (and the paperwork) falls to you and your lawyer directly.