I'm purchasing my first investment property. A 2-unit multi-family. I will live in one unit so it will be owner occupied.
Although it is a legal 2-family, the previous owner had it setup as a mother/daughter. There is only one electic meter, one furnace, and one hot water heater.
The good news it the second apartmenet unit was an addition built on the house 30 years after the house was built. I imagine the wiring to the addition would all be on seperate circuits then the old house wiring. I'd imagine it wouldn't be extremely difficult to seperate the wiring, relocate the panel and add a meter to the apartment (the basement is one large basement divided between two units).
I'm wondering if anyone has ever added an electric meter to a house? Is it very expensive? I've heard between $1500-$2000, does this seem reasonable?
Heat will remain a shared utility, I will absorb the cost and build it into the rent. The hot water heater is an old gas water heater, the building inspector suggested it has "exceeded it's expected life". He recommended replacing it with two seperate electric hot water heaters (cheaper than ONE new gas water heater), and seperate the hot water between the two units.
Again, similar to the electric I imagine the plumbing is already seperated between the two units to some extent, so I don't think extensive plumbing rerouting would need to occur to again relocate a hot water heater to the basement of the apartment to keep the utility seperate. I anticipated another $1000 or so for this job?
I'm a first time investor, and greatly appreciate any advice. Hot water heater is not a big issue, but electric is one utilty I don't want to share.