We just concluded an inspection that says the electricity of the house needs to be updated. How much do you think it will cost to update the electricity in a two story building with a crawl space attic and a basement. It has four rooms and 1.5 baths. I have to take a decision today either to proceed or back out of the deal. There are some wiring that are obselete and may cause fire hazard in the future. Who has an idea of what updating the wiring of a house built in 1930 will cost? Thanks

Well, as you can see we are not much help with cost, after 10 hours from original post, and 21 views of your question.

Cost is so dependent on so many unique values, such as your location, the total square foot of your house, the types of materials needed, how many outlets, light, and switches needed, etc.

The best anyone here can suggest is to contact 2 or 3 local contractors and discuss a scope of work based on square foot, quantity of outlets, size of service, type of materials needed, such as Romex or conduit, will the finishes be removed for easy wiring installation or must all new wire be installed "old work" or fished behind the wall finish.

From a scope of work they should be able to provide an estimate, at least a budget cost, to help you decide the feasibility of this purchase. The more detailed the scope the closer the budget cost will be.

Electrical labor in Boston will be much greater that Boise, Idaho, just to illustrate how location will cause cost to vary. Some areas do not allow Romex cable, so conduit is required.

Too many variables for anyone here to speculate.

Even this answer is probably too late to help you make your decision. Perhaps the realtor can help you with budget costs. I also see you had a question about structure, and insulation. This place sounds like a real "handyman special" and needs a great deal of attention, and money.

Can it be a "Money Pit"?

Tk,

Hit the nail on the head!