It is a 2 family house in Brooklyn, NY with oil heater. I am planning to rent both units out, but I don't want to be responsible for their heat and hot water because I cannot control how much the tenants use since I won't be living in it. Plus, I heard oil is much more expensive than gas. Also, I don't think you can meter their usage on oil. Therefore, I am planning to change the oil tank to gas so I can setup a meter for each family, so they can pay Keyspan themselves every month. I heard that converting to gas is very expensive. Could anyone provide me with some suggestions that is best for this situation? Thank you very much!
2007-07-02 16:28:58 · 3 answers · asked by Kai T 1 in Home & Garden ➔ Maintenance & Repairs
If you were living in the home I'd recommend you stick with fuel oil until the machine needs to be replaced. As you are not paying for the heat, go with gas and have the tenant pay. You might be able to write off the installation as a business expense and have it amortized. Check with your accountant on the rules.
If the current heat is forced air, conversion to two gas furnaces without A/C should not be expensive. The gas company in your area will have a list of competent installers.
If the current system is hot water heat, you will need to have ducting run, and this may be costly, depending on if the basement or attic is finished.
Would it be inappropriate to have the tenants pay for fuel oil? It can be measured with a simple dipstick. You might factor in a fuel surcharge and incorporate that into the rent. Tell the tenants that if they don't use the allocated fuel during the year, you will give them a rebate, or if they go over the allocation it will be added to the rent. Be sure to check with your legal team before doing this, however as it may not be permissible in your area.
2007-07-02 18:03:57 · answer #1 · answered by OrakTheBold 7 · 1⤊ 0⤋
I converted to gas in a one family house (in NJ) and it was a little pricey. Make sure you get several estimates because you would not believe the difference in price. I got estimates from $4,000 - $7,500. A two family home would definitely cost more. You also have to pay someone to come and pump the oil out of the tank and then remove the tank (another $1,000) and permits (another $250). Check with your gas company to see if they have anyone to recommend. I did and I ended up using the guy they recommended because he gave me a good price and was very honest.
I agree with the poster above about waiting until you need to replace the furnace. That's what I did. The cost of heating your home will be less, but not that much less. It seems they keep raising the prices to keep it right up there with oil.
Try calling a local oil company and ask them to send someone over to look at it and see if they can figure out a way to set this up for your tenants. I'm sure they will be happy to do this because they will want you as a customer.
2007-07-02 19:43:05 · answer #2 · answered by Coco28 5 · 2⤊ 0⤋
If you find one for that price it would probably be extremely small or be a 'fixer-upper' which could lead to much more money..... one of the girls in my company just bought a tiny condo in Westchester for $96K but it is very small, like a studio. But you might find a deal in the North Bronx or certain parts of Brooklyn. Forget Manhattan and Queens for that price. Just be very certain that the area you are buying in is a safe place to live! Check out the Woodlawn section of the N. Bronx. Nice, safe area if you can find a place. Good luck!
2016-05-17 05:17:53 · answer #3 · answered by ? 3 · 0⤊ 0⤋