I bought a 1916 2 story back in 1987. They had replaced the fusebox and cut all the wiring in the basement and replaced the knob-and-tube with sheathed electrical cable there plus replaced all the outlets with new one (still hooked up to the old wiring). At that time, I talked to a electrician and he gave an estimate of $6000 plus I would have to fix the holes he would have to cut in the walls. I ended up doing it myself for a little over $1000. If you don't hire someone and do it yourself, do talk to your local building inspectors office first. They gave me a lot of useful information on how to insure it's 100% legal when you're done. After I was done and was having my work inspected, I only had one minor item (not discussed), I didn't have a globe over a closet light. Very minor and easily fixed.
Do be sure to get a building permit for the work and have it inspected when done. If you don't and have a electrical fire, you might find your insurance won't cover the damage otherwise.
No connection to any building trade, just a homeowner that's also a do-it-yourselfer.
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