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Knob & Tube Wiring: Cost to Replace?

By
Real Estate Agent with H2 Properties

This will be the first home I've sold with knob and tube wiring where it's a problem for the buyer.  I most definitely agree with my client in the fact that there is always a fire hazard due to the wires overheating. 
After our inspection today, the inspector went over the issue with me.  Aside from an A/C unit not cooling properly, the attic is filled with the K&T wiring that's covered by insulation.  It was never intended to be covered by anything, obviously, and parts are warm, others aren't.  The attic is also extremely warm due to limited gable ventilation.

The house is a 1920s bungalow, approx. 1300-1400 square feet.  My question(s):

  • Should we expect the seller to be reluctant in replacing at least the attic wiring due to a large repair cost?
  • If the wiring in the walls (no insulation) are K&T, should those be addressed as well, or are they acceptable in current condition?

I'm told from the listing agent that the sellers have 'cushioned' for repairs by a 'couple thousand dollars'.

My buyer isn't convinced the wiring and A/C issue can be addressed under a 'couple thousand dollars'...

Experience? Electricians' knowledge?

 

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