I am looking at a house that is 103 years old priced 205k. I have an accepted offer and I have performed my home inspections. During the inspection, knob and tube wiring was found throughout the house.
I had 2 electricians come and give quotes on the replacement of the knob and tube but unfortunately neither of them can give a written quote in time and the sellers are not letting me have an extension. One electrician stated a quick rough estimate of 10-15k to replace the knob and tube but that price could be significantly increased if he has to cut through a wall. He stated he won’t know if they have to cut through a wall until they begin the work.
The electrician also stated there is a lot of rodent activity in the attic and recommends getting a quote on removing the rodents, feces, and damages from the rodents prior to replacing knob and tube.
He also stated I would need to have a quote from another company on the cost of removing and replacing the insulation in the attic for the electrician to replace the knob and tube.
Electrician and home inspector both stated there is absolutely no air movement in the attic and both are also recommending adding attic vents.
There is about 30ft of asbestos tape in the basement that is significantly deteriorating and needs replaced. I was unable to get a quote on this in time as well.
There are other minor issues with the house but these right now are the big issues I am currently facing. And unfortunately I do not have any actual written quotes from anyone. I’ve come up with my own rough estimate of 25k but obviously this could be way low. I am thinking of either asking the sellers for price reduction or a credit for 25k. or I am thinking of backing out and moving on. I love the house but I am not sure if I love it this much to be dealing with all this right away. Can someone give any insight ?
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source https://www.reddit.com/r/RealEstate/comments/1orqq5w/help_do_i_continue/
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