From what we could see in the rafters in the basement, it (the K&T) all looks to be in good condition. No fraying is evident and it looks in MUCH better condition than some of the homes we looked at during our search.
We thought it odd that the homeowners would elect to have a new panel installed (obviously to handle the new wiring?) but not upgrade the existing K&T. How common is this?
Should we have an electrician come look at the wiring to ensure it's safe? Any ideas on what it would cost to replace the K&T in a 1200 sq ft home? We know nothing about this, as we're first time homebuyers...so any advice given is GREATLY appreciated. Thanks in advance!