Need heating cost advice in regards to multi familiy properties

[Danielle L. Brodnax]

Hi, im planning to purchase a multi family in Jersey but im not sure how much the monthly heating cost would be. If anyone could give me some approximate numbers for a 2 or 3 family, that would be appreciated.

 

 

Thank you.

[Danielle L. Brodnax]

Hi Roger, the tenants will be responsible for their own utilities and thank you for your response. Ill take that advice.

 
Roger Hendrixson said:

The best appraoch is to get copies the the previous years utility bills. The owner can always blackout the personal imformation. It also depends if you are including the utilities in the rent, or keeping them separate with each tenant. With one heating unit this would be difficult as some tenants will use more heat than some of the others. If you don't know just ask........its all in the numbers as long as you can make it work for you.  But be warned, last years mild winter will not work this time.

[Roger Hendrixson]

The best appraoch is to get copies the the previous years utility bills. The owner can always blackout the personal imformation. It also depends if you are including the utilities in the rent, or keeping them separate with each tenant. With one heating unit this would be difficult as some tenants will use more heat than some of the others. If you don't know just ask........its all in the numbers as long as you can make it work for you.  But be warned, last years mild winter will not work this time.

[Danielle L. Brodnax]

Ok, thank you Ankit.

[Ankit Duggal]

It really depends on whether the heat is gas or oil? If the asset has gas heat then you can expect during tough winter months to cost you about $500-$650 per month. Oil heat is much more variable so if you build in $700-$900 for the winter months you should be safe in your analysis.