New to Real Estate · Brookfield, IL · Member since 2014 · 20 posts · 8 votes
Currently looking at a house that has knob and tube that needs to be rewired. Also has a 60 amp fuse box that needs to be update. Not sure if I will even get approved for financing if appraisal doesn't approve. House is about 1000 sq ft. 2 bed 1 bath on second floor and kitchen and living room on first floor. The k&t was found in the attic. Also there is aluminum wires run to the main fuse box. Appreciate any advice on updating this and price range of this project. Thank you in advanced!
Investor · Verona, NJ · Member since 2014 · 1k+ posts · 832 votes
10y
Not only will the bank give you a hard time about the knob and tube but you will also have a tough time with Insurance companies. a new 200 amp service will probably run you about $2- 2400, rewiring the house, sheetrock, spackle and paint will probably run you another $4-5000, depending on how much has to be opened up and fixed.
Investor · Verona, NJ · Member since 2014 · 1k+ posts · 832 votes
10y
Not only will the bank give you a hard time about the knob and tube but you will also have a tough time with Insurance companies. a new 200 amp service will probably run you about $2- 2400, rewiring the house, sheetrock, spackle and paint will probably run you another $4-5000, depending on how much has to be opened up and fixed.
New to Real Estate · Brookfield, IL · Member since 2014 · 20 posts · 8 votes
10y
Thanks Patrick Liska I had a guy quote me around that price range. Just curious, are those numbers for the rewire do it yourself numbers or with a contractor. I know a lot of variables are involved but just trying to get a feel for how big a deal this is. Plus if I can't get the funding the deal is dead anyway.
Rental Property Investor · Gallatin, TN · Member since 2016 · 39 posts · 29 votes
10y
Patrick's estimate seems close to me. I had to rewire a whole house and add a new service in Nashville. I paid $8k (2000 sq.ft). A lot will depend on how easy it is to fish wires through the ceilings and walls.
Investor · Verona, NJ · Member since 2014 · 1k+ posts · 832 votes
10y
That would be for a licensed Electrician as @Tyler Amburgy mentioned, i would not recommend doing it as a DIY project, have a licensed electrician do it with all the proper inspections, helps to free you from liability should anything happen ( even though a lawyer will always find ways to get to you - no offense to any lawyers out there ) I am a contractor but i do not do any work on my rental properties or flips, i always hire local contractors in the area.