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Are you planning on purchasing a new property? Today, New Zealand has a very vibrant real estate market, which happens to be very buyer-friendly. But before you go to an open house, it’s important to brush up your knowledge on the types of residential properties available for purchase.
Knowledge of the various types of properties can help you work well with your real estate manager and find the dream home you’ve been looking for.
5 residential properties you’ll commonly see in New Zealand
- Single-family houses
This is the most common and standard type of property you’ll find. These are stand-alone houses with large back and front yards. The walls aren’t shared with neighboring houses, giving you complete privacy and independence.They are some of the most reasonable properties available for purchase.
- Multi-unit properties
Multi-unit houses contain 2-3 homes under the same roof. These properties are the best choice for owners who wish to eke a living by renting out their remaining properties. Here, you and your tenants will live side-by-side, under the same roof, albeit in different houses.This property makes for a great long-term investment.
Condos, aka, condominiums are akin to apartment complexes where you will gain possession and ownership of a house within a housing complex but will share the facilities and amenities with other complex members.Often, condos resemble single-family units but have a jointly-owned lawn and backyard.
Have you seen a large 2-3 floored home that shares its walls with neighboring houses, but does not have a property either above or below it (like in an apartment complex)? If yes, then you should know that it’s a townhouse.Townhouses are large, spacious, and multi-floor self-contained units which resemble attached homes. They are perfect for growing families which need more space inside the house.
- Vacation homes
A luxury of the rich, vacation homes are the second houses that you can choose to own in addition to your primary place of residence. These properties are usually located in the countryside or on the beach and are large, airy, and spacious. They can be single-family units, townhouses or condos. They make for a great investment.
Total Mortgages offer housing loans and mortgages to buyers looking to purchase a residential property at highly competitive rates and mortgage terms. Talk to a mortgage broker at Total Mortgages for more information.