2 Family Home: Utilities Cost
Hi Brownstoners, I am wondering if I can take a quick poll. I am budgeting to see if my partner and I can afford a 2 family home in Clinton Hill with a ground floor rental unit. We are wondering, what are the standard utility cost for a 2400 sq foot 2 family home? (Attached…
Hi Brownstoners,
I am wondering if I can take a quick poll. I am budgeting to see if my partner and I can afford a 2 family home in Clinton Hill with a ground floor rental unit.
We are wondering, what are the standard utility cost for a 2400 sq foot 2 family home? (Attached on both sides to other townhouses.) The home is newly renovated, windows, with a new oil burner and hot water unit, new electric, energy efficient appliances. There are a total of 5 bedrooms (3 on top floor). Downstairs in the living area/kitchen is huge and wide open.
From a Browstoner search, I read that in the winter months, heating can run between $400-$600.
*How many months per year do you tend to need the heat on (guessing Nov, Dec, Jan, Feb, March?)
*What does electric cost generally per month in a 2 family home?
*What is the water charge these days? I heard that they recently raised the fees.
*Are there any other fees, like garbage collection that we should factor in?
Thanks so much for your expert help, as always!!
Your heating bill could be much higher or lower than the costs quoted above. All depends on how well-insulated your house is (windows and exterior doors and the most important factors here) and the efficiency (ie. age) of your boiler/furnace.
No, my 1280 included COMMON electricity (estimated 50/month) and everything else in your list.
Individual electrical is additional.
Hey CMU and Johnny,
Just to clarify:
1280/month for retax, insurance, emergency contingency, amortized costs + electric, gas, heat, water on top of that?
Many thanks!
Would you like to get exact cost of insurance, please contact me so I can run a quote for you. I need some additional info, however it will be definitely less then $2K. Depends on coverages chosen. Should be aorund $1,5K.
Sophie @State Farm
718 609 5600 Office
zofia@johngarfinkel.com
Have same sized house. Typically heat around $600 only for 1-2 peak months. More if you’re home during day. Then typically closer to $300. I pay heat bill for whole house.
Electricity sounds about right. My tenants pay for their 1 floor. I pay for my 2 floors. But I don’t run AC very often.
Water $150 give or take per quarter for house.
Insurance is less than $2k.
Also, prudent to talk to an accountant as well. Upfront cost of 2-fam and actual after tax cost VERY different – thankfully 😉
Good luck!
Don’t worry about months of heat, it is what it will be. Gas probably 2800-3200/yr. Electricity 150-200/month (yearly avg.) per apt. Water 100-150/qtr. No garbage, touch wood, NYC hasn’t found this source of income yet to stick us.
Just fyi, I did a cost analysis on my 4-flr, 2fam house because I am thinking of selling 1/2 as a Tenants-in-Common; the monthly “maintenance” for the house was $1280; that included retax, insurance, emergency contingency, amortized costs for roof, heater, w/h and other systems.