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Find a licensed electrician who can meet you at the property & give an estimate for upgrade after a full inspection.Try and negotiate this into the purchase deal. Either drop the price by that much, or have the seller cut a check to the electrician at closing.I'd try for 2 estimates, choose the one you're most comfortable with and have the Title company hold the check until the work is completed. This is a pretty standard thing. I did it as well.Didn't have K & T, but needed several outlets grounded.If you buy the house, or any old house, I highly suggest going to the forums on old house web. More information than you could possibly imagine! http://www.oldhouseweb.com/forums/index.php?sid=bfa6e53fef97e0b03b716479fe88af8fI shy away from "this old house", as they seem to like to rip out rather than restore.
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For Sale: $63,900
For Sale: $54,000
For Sale: $82,000