Electrical Metres

[zorant]

Has anybody purchased a duplex or triplex with only one electrical meter. I just bought a triplex with one electrical meter and I am looking to split the units to run on their own seperate meters, does anybody have an idea of cost to do this? The home is in Burlington, Ontario

 

[kfort]

Call your utility provider they will give you a money #... Sorry I cannot be of more help but really, whatever number is given here for cost is going to have to be verified anyway so you may as well go to the source first!

 

[Dan_Eisenhauer]

I don`t have costs yet, but we are doing the same thing for all utilities for a larger project in Edm. There is a new method for submetering that allows remote monitoring of the meters. We are getting prices.

Apparently these meters are good for electricity, gas, and water.

 

[eddyb1978]

Dan and all,
do you have names of companies that can do this i.e. sub metering for gas/water/electricity or do we just call an good ESA certified electrician?
I do have 3 x duplexes and i am looking to get something like that going?

Thanks
Eddy

 

[Thomas Beyer]

QUOTE (zorant @ Nov 29 2010, 11:07 AM) Has anybody purchased a duplex or triplex with only one electrical meter. I just bought a triplex with one electrical meter and I am looking to split the units to run on their own seperate meters, does anybody have an idea of cost to do this? The home is in Burlington, Ontario
assuming no major electric upgrades .. about $1000/meter (one per unit plus one common area meter)

FAR MORE if the individual suites don`t have individual breakers .. and even more if the major trunk line to house has to be upgraded due to code.

Get a certified electrician`s code .. as the risk of butchering it is high .. and if there is ever a fire you will not get paid .. and that could cost you millions !

oh yeah .. this is Ontario .. add 13% HST !

 

[RealtorAssist]

QUOTE (zorant @ Nov 29 2010, 11:07 AM) Has anybody purchased a duplex or triplex with only one electrical meter. I just bought a triplex with one electrical meter and I am looking to split the units to run on their own seperate meters, does anybody have an idea of cost to do this? The home is in Burlington, Ontario

Yes I have split hydro multiple times. I have 4 triplex`s in the ghettos of Winnipeg. Cost $10,000 to $12,000 depending if all the wire had to be redone. The buildings I worked on are all 100 years old +.

I would talk to your property management for an estimate. They should know the approx cost.

Is your property currently tenanted? Putting the hydro/water costs onto a `current tenant` most likely is not a good strategy. Your best is to evict, then getting a new tenant to take over the costs.

Once the property is upgraded, get a new appraisal, pull out the excess equity and structure yourself for the lowest mortgage payment available.

I`m a mortgage broker, and on my triplex, I have a mortgage of $72,000. Payment is $141/month. Here is a video of how to do this: http://realtorassist.ca/vid/lowest-mortgage-payment-canada/

Here is the last triplex. I`m in the process of fixing up and have split hydro and water on: http://mymortgageterminator.ca/17th-proper...h-class-living/

Feel free to call me about the hydro`s @ 778 896 6732.

Robert Klein
Mortgage Broker, Real Estate Investor,
Co-Founder of RealtorAssist.ca
A: 2465 Bellevue Avenue
West Vancouver, BC, V7V 1E1
C: 778.896.6732 | F:604.648.9701
Email: [email protected]
Last Blog Post: http://realtorassist.ca/blog/what-lowest-m...ment-available/

 

[Nir]

QUOTE (RealtorAssist @ Dec 3 2010, 05:25 PM) I have 4 triplex`s in the ghettos of Winnipeg...The buildings I worked on are all 100 years old +.
Hi Robert,

Nice work! Considering the age of your plexes (100+), do you plan to sell some of them soon OR are you actually into long term hold
(5-10 years or even more?)?

Regards,
Neil

 

[RandyDalton]

QUOTE (zorant @ Nov 29 2010, 12:07 PM) Has anybody purchased a duplex or triplex with only one electrical meter. I just bought a triplex with one electrical meter and I am looking to split the units to run on their own seperate meters, does anybody have an idea of cost to do this? The home is in Burlington, Ontario

Hi Zorant,

Any certified electrician is going to charge about $1,000/meter. Not sure about Burlington however in Hamilton the units must be legal otherwise you will never get the project off the ground these days. Now you also need to install an extra meter for the property so that public spaces have lighting even if a tenant leaves. This means your triplex will need a minimum of 4 meters.

A licensed electrician or your property manager can help you through the other costs which include outside cabling for new locate, upgraded service, as well as costs if each unit is not on separate breakers.

Regards...Randy D.

 

[dcres]

I purchased a Duplex in Calgary about 4 years ago. It has an up/down suite with only one meter.

I had an electrician give me quote to convert to 2 meters, it was approx. $5000.00.

Since then I have learned to live with my one meter system. I could do alot of renovating at this price.

 

[Dan_Eisenhauer]

Our job is in Edmonton, so I do not have contacts in other cities.



We are installing sub-meters on all utilities in this property. There are 8 buildings that need monitoring. The cost of the electrical meters alone is $14+K.