Replacing fuse box, upgrading to gcfi protection

[Swetha Mandava]

I'm buying a duplex in PA and the general inspector was quite shocked with the electric wiring in the house.  Exact words:
"Fuse boxes present for main services. This system creates a hazard with exposed electrical connections during fuse changes and allows overfusing which is a fire hazard. No main grounding through a rod is present with the age of this system (meter jumper cut is a potential hazard), neutrals/grounds bonded in 1 subpanel is no longer approved. Recommend evaluation for replacement by a licensed electrician. Recommend upgrading All receptacle to GFCI protection within 6 feet of all potential wet locations."

Seller insists it has been working just fine and doesn't need replacement. 

Any one with experience in this - opinions? How much would it cost?

[Bill B.]

Replacing the fuse box with circuit breakers is a question for an electrician. First you should ask them if they would bother, problem is they don’t get paid if they say no. As the owner says, it’s probably been working fine for 50 years and if you owned it you probably wouldn’t upgrade it either. 

The gfci on the other hand is almost nothing. You just need a gfci outlet first in line near any water sources. So maybe $25 per kitchen/bathroom for parts and $50-$75 each in labor if you have someone do it for you. You don’t need to replace every outlet in the string, just the first, this you should do and I would do as the owner if I was living there.