Managing Water and Electricty in a Triplex

[Aften Hennricks]

Would anyone be able to provide their thoughts on splitting up electricity and water on our new property? We’ve just bought our first property (yay!) and it is a current duplex that we’re converting into a triplex. It’s in a two story house with an above ground basement (which will become the new unit). We’re inheriting tenants with 10 months left on their lease in the top floor and moving into the main floor as a househack.

Currently, there are three electrical panels for the property: one for each floor including the basement. Water is not separately metered. According to their lease, current and past tenants pay their own electricity and contribute $100 flat fee every month for water. The previous owner payed the electricity for the basement and anything in excess for water because of the laundry room in a small section of the basement.

With turning the basement into another unit (and potentially running electricity to a couple of detached garages to be rented out), we’re trying to figure out how to best divvy up electricity, water, etc.

With the garages and laundry room, is it worth it to get another panel to allow the new unit to cover their own electricity? Do we keep the laundry room, garages, and basement unit all together and cover electricity? Also, any thoughts about the water flat fee for tenants?