Upgrading the electrical would entail removing the existing fuse boxes and outdated wiring, replacing them with modern panels and grounded wiring for safety.
Acquiring hazard insurance will necessitate a licensed electrician to remove and replace the outdated electrical system within the first 30, 60, or 90 days after purchase.
If the home has active knob-and-tube wiring, insurance carriers will not provide coverage unless the wiring is removed shortly after the closing.
Engaging with the seller and real estate agents to possibly extend the escrow period may help accommodate necessary electrical upgrades.
Collection
[
|
...
]