I see a few of these threads, but none quite answer all of my questions:
I am currently in inspection/negotiation phase of buying a house with 100% Knob and Tube wiring. I am an IT professional who works occasionally from home and could benefit from having grounded outlets in every room. I plan to live in this house for at least 7 years.
Contract price $56k
Recent appraisal $70k
Total estimated rehab costs: $13k
Tax credit of $5600
Cape Cod 1.75 stories
~1000 sq ft
2 BR + 1 Bath upstairs
Living, Dining and Kitchen downstairs
Updated 100AMP breaker box
... probably some lead paint.
I have had 2 quotes on it for complete rewire of $8000 and $10000. I also received a revised quote to replace all visible (basement and attic) KnT for ~$2000.
I don't want just a wiring face lift. I would be doing this for three reasons:
1) Functionality - I am a techie and need grounded plugs everywhere
2) Resale (ease and value) - while this isn't quite an added value, rewiring will ensure that it won't be a negative value, thus easier to sell.
3) Home insurance premium reduction - est. 30/month savings over 7 years is ~$2500, so ultimate cost will be ~$5500.
Is it worth it? I can still walk away...
How should I be shopping to reduce costs? How do I talk to a contractor to ensure best outcome?
How can I personally reduce costs? Can I do some of the work?
Can I rewire it myself and hire someone to come out and hook it up...
... and if so, what are Ohio/National codes, processes, headaches, etc. I am a PC techie and I understand gauges and diagrams enough to rewire a new construction, but I have little experience drilling through things and fishing (once for a 5 home run install of cat5 in a 4 room single story). I suspect going on the outside through conduit from basement to attic, then dropping down interior walls would be easiest. Am I required by code to have a minimum number of outlets in this room? I am aware of spacing restrictions, but what if I only put 2 outlets on two interior walls and leave the other two exterior walls without power?
Finally, do I have to actually remove the KnT from interior walls or can I just leave them and just disconnect them from the breaker box? ... because once I cut into the drywall, it is technically "exposed"... so I am guessing get rid of the "exposed" KnT, right?
... and thanks!