I purchased my third property today for cash, and was looking for some advice from some of you with more experience.
The previous landlord had the electric updated outside, but inside it has an aging pacific electric panel. I have read bad things about it, and I got the permit today so I can change it out.
Since I am going to be inside the panel would it add any value to the home if I put in a line for the stove, and hot water heater.(This would remove the need for gas)
If I sell it do buyers value all electric over gas?
If I rent do renters care about having gas?
I prefer natural gas heat . I wont have propane though . If I had the choice between 2 houses and the only difference was one had natural gas and the other was electric , the gas wins hands down
Often gas is preferred over electric
I posted that a little too fast, sorry! I meant to add that in 15 years Ive never had anyone prefer electric over gas FOR ANYTHING! This includes not only the gas range, but gas heat, hot water heater, gas dryer, etc. It might vary in different markets or in more rural areas where gas isn’t available. I’m in the MD,DC, VA market.
I would not rip out natural gas to replace with electric. There was a time when "all electric" was promoted as a positive thing, but if natural gas is available its usually cheaper. Propane, OTOH, is comparable to electric.
I do agree with Jon that gas is usually always cheaper to run than electric but there are times when electric can make sense from an installation or replacement perspective. To put in electric heat it's usually just electric baseboard units that need to be installed, much cheaper than a gas boiler or gas heater installation. Plus you can get reduced kilowatt rate in many geographic areas, if the electric utility certifies the primary source of heat is electric.
A small apartment may be a good place for electric heat too since there's obviously not a lot of space. And with third floor apartments (or above), it can also make sense to go with electric since heat rises.
Appreciate the replies. It is inside the city and has natural gas.
With the answers so far I am motivated to leave the gas as is, and just swap out the panel.
If you have natural gas, then keep it. For cooking, there's no comparison. And it's efficient for water heater, dryer and fireplace too. Would be different if it was LP.
Congrats on your new addition and good luck with it.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing