Knob and Tube Wiring

[Alex Smith]

My wife and I are in the process of purchasing our first investment property and it was recently discovered that 90% of the wiring is knob and tube. Rewiring the house (2,300 sf) will significantly cut into our renovation budget so we’re trying to determine if it’s absolutely necessary to rewire the house or should we just leave it? It’s ultimately going to be a rental. Any feedback is appreciated.