I am looking to purchase a buy to let property( my first one) and I am debating whether to purchase a leasehold apartment (probably in central Manchester) or a freehold house in Lancashire. The purchase price for both is fairly equal and the rental return is also similar 650-750 per month.
However the costs are substantially higher with the apartment due to service charge/ground rent etc and payments would probably require topping up from me personally. The house would cover it's own costs on a monthly basis.
My dilemma is that the rental profile is probably more stable with a single person professional in Manchester than a family in Lancashire and also the value of the apartment is more likely to rise in line nationally than a house in Blackpool for example.
Any advice on the pros and cons would be greatly appreciated.
Thanks