Updated about 10 years ago on . Most recent reply
Updating knob & tube wiring -- need help with cost estimation
Hello fellow investors,
I am considering buying a large multifamily which has knob & tube wiring throughout and trying to figure out how much it would cost to update it. If you have ANY experience with this, please share. Especially if you have info on how much it costed you and the specifics of your job, that would be very helpful in estimating my cost and whether this property is a good investment or a bad one. Here are the details: A 2-unit multifamily (2500+ squarefoot) located in central Connecticut.
Thank you!
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You really need to talk with your insurance agent. you wouldnt want to think you have coverage only to find out at claim time that maybe you don't? No insutance companies that I'm aware of will insure a structure with knob and tube. Even if you get that policy in the beginning, they can still deny the claim. This is a very serious issue, all knob and tube must be eliminated to get the coverage your going to want. This can be very costly to open up all the walls and essentially rewire the hole house including the panel. I have the unique experience of being an 11 year vet. of the electrical industry and an insurance agent for years as well.