New purchase - Knob and tube

[Lisa Asselin]

Hi All,

I am in the process of purchasing my first investment property and found one with great numbers but inspection found knob and tube in attic and some in basement. According to the listing/owner the electrical is updated. It does have circuit breaker boxes but then it goes to junction box and continues with knob and tube.

It’s a 3800 sq ft 3 floor 3 family. I am in MA.

I am estimating $10-20k to redo electrical. 1st floor accessible from basement, 3rd floor has full attic.  2nd floor be trickiest with holes in the wall and then a good opportunity to cover up old plaster with 1/4” over all the existing walls.  But there is a current tenant and I would want to do the electrical immediately after purchase.

Anyone have experience with this? No specific questions, just looking for any insight if someone has been thru this before and cost.

Thanks,

Lisa

[John Mocker]

Lisa,

our agency represents dozens of Insurance companies for Homes and Dwelling Fire policies on Rentals.  Of those companies, only one will look at Knob & Tube and only if it is less than 10% of the wiring.  I would definitely check with your agent to see if they have a standard market that will write coverage with any knob & Tube.