Splitting up utilities…Tell me how much this will cost
I’m looking at Duplex the current owner did an “up-to-date” renovation. I would assume splitting up all utilities so the owner doesn’t have to pay any of them, in my opinion that’s the first thing that needs to be done with these older multifamilies but I digress, but apparently this owner enjoys paying for the heat and water..My question is if I was to buy this property, these are the two pictures my agent received from the buyer’s agent, would this be a challenge worth taking on? I want to separate the heat and the water. I know the water is only billed per property so I do plan on billing that back to the tenants (through Cozy.co) but the heat is my main issue. Tell me what I can do, I know about RUBS (I haven’t ever used them but I am willing to if necessary), I do want to put meters on both the water and heat. Be brutally honest I want to know if I should wait for a better property, a property where the owners isn’t a rookie, or is this an easy project I’m waaaay over thinking thanks BP.
Most Popular Reply
Hi Rick
You have two options. Either utilize RUBS or increase the rent by the amount of utilities that are being used. I have a four family in NY and I am paying heat for all 4 tenants. The thermostats are located in the basement and set at 70 degrees, so tenants can not raise.
Cost of doing business there. I am getting top dollar for rent, so I can't push the heat on them also.
Cozy.co is a very nice platform. Look at NWP.com for more info on RUBS.
Gino