Hello,
Would someone chime in on estimates to make a large SFH into a multi unit/2 family?
fee for a meter.
are there zoning issues with the city? Anything else?
estimating is difficult with out know the design, However you will need another electric meter zoned for the otherside, that will require a licensed electrician,permit and inspection. You may or may not have to bring the electrical wiring up to current building codes.
You may have to also re-frame certain areas and add another exit for fire codes.
Good Afternoon Realnew,
I will assume you already know the monthly numbers are better with 2 units than one; in some area’s I have turned a duplex back into a single unit because the numbers made more sense. But I understand that in good rental areas what you are doing is a good idea as long as you can make your investment back in the monthly rent increase and if the value of the property increases atleast (for me) two times what the remodel cost is. My costs are fairly low because in addition to investing full time, I own a construction company.
Some things to consider;
a. The first response was correct, you will need an additional electrical box, and depending on how you are renting it out, you may also need a seperate gas line, water line, water heater, heating and A/C unit. Even if you are paying utilities, you may find some people keep their homes at 65 degrees, while others want it at 75 degrees, this has been an issue for me in the past.
b. When setting up Unit 2, you will need an area rewired for the kitchen, or a gas line ran, whatever the stove type is. An extra line run for the dishwasher, garbage disposal and in some case the frig.
c. Setting up the kitchen will also require, cabinets, sink and new plumbing ran to that area.
d. Entrance doors will require new hardware, in case the current keys fit all entrances.
e. Many areas requiring an OK, even when the area is already zoned MR (multiple residence) or whatever the zoning type is in your area.
f. If this is a two story residence, I would suggest simply building a temp wall (one that can easily be removed later if desired) at one end of the stairs and placing a lock on the other. This way the cost to turn it back into a SFR will be much less if you decide to do that in the future.
Of course, I am just offering a medium guess because I haven’t seen the property, but as a general rule, you are looking at spending between $4k - $6k on average.
Good luck, I hope this works out for you.
Enjoy your day,
Ray Rochefort
Managing Member
Purpose Investments LLC
Indiana