Posted by Rick Passgo on September 04, 2009 at 19:23:51:
I would, but see if you can get a better price!
I have dealt with knob and tube a TON in my area, We can get an entire house rewired for $1500 (if the walls are not a huge concern, being that we usually have to replace them or patch regardless) We give our electrician a TON of business, so that is definitely a quantity discount! I would think you could get a better price if it is only a few knob and tube lines that need replaced. A lot of times we see newer 100 amp services, with the basement and first floor rewired, but the 2nd floor and attic are still tied into knob and tube (since thats the hard part)!
Ask your realtor for a copy of the sellers disclosure, I would bet that they ask on there if you know of any knob and tube wiring, which you would have to disclose. Then, there is a good chance that the buyer will want that replaced anyways, and it’s definitely easier to do early on in the rehab, vs doing it to a finished product.
I would get a few quotes, ask other investors you know for some good electrician’s phone numbers, but I would recommend having it replaced.
Hope this helps,
Rick