Cost to put separate meters in older multi family
I am looking at a triplex and a six unit. Both were converted from large SFH to multi family a long time ago. The landords currently pay utilities which I think is insane. I want to know if any of you have a rough idea of the cost of adding water meters, electric meters, gas meters. I know it depends upon where we are located but I was hoping to put some numbers in my analysis.
For instance, I have assumed that it will cost me $1,000 to add each meter plus any required internal plumbing/wiring to get everything run correctly. My assumption is that inside installation will cost at least $2000 per home.
I will call the local utilities because I think they have a flat rate for doing the outside work. I won't be able to get contractor quotes for the inside work until I have a contract.
These two properties are priced to sell and have some issues but I know that getting separate meters on them will be worth whatever it costs. Thanks for any suggestions.
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From personal experience- electric can be very easy, because if wired properly, all circuits should be separate already and connect to one breaker box. All you have to do is add a new box next to the old, switch over the wires for the circuits you want on the new meter. Call the utility company about adding a new meter, there is a process which can take awhile, but not that expensive. Gas and water on the other hand can be a difficult, because everything is run in a continuous circuit. Unless you have an unfinished basement and or attic where you can access the pipe connections, you will be tearing into walls to run new pipe. If I were you I would tackle the electric first.