Electric Meter Separation
I am looking at a triplex that has separate gas meters but master-metered electric. I would need to have someone separate the electricity into 3 units. Does anyone have a ballpark of what that may cost? The triplex has gas heat, hot water, ranges etc but it does have electric window unit air conditioners.
you are talking several thousand dollars. Each unit will have to be rewired to their own meter. Get some estimates, 3 from quilified electricaians then decide if it is worth it. Maybe raising the rent so you pay the electricty will be a better option for you and you pay the bill. Or include an amendment to your leases that in the summer months the electicity will be shared three ways, (assuming all three units have A/Cs) example,if your average electric bill has been say,$200./month then anything over that will be the shared amount. I do it with oil and it works just fine. However if you plan to keep this property for many years then consider the cost of the new meters. It is considered an improvement rather than repair so you will be able to write it off over a period of years. let me know what the estimates come in at OK? I will predict $10,000 to 14,000. what State are you?
Thanks for the info Konte. That is higher than I expected. Maybe one of your other suggestions is the way to go. I am located in Richmond, Va.
Richmond? it was just recently I was checking real estate near the University .I plan a visit to check it out in person some time in the near future.
With your issue it may be a good idea to possibly do one meter at a time. Costs of improving your investment property is paying less taxes on income earned. You know your financial situation so act accordingly.