Be sure you get a bid from a reputable licensed electrician. I just purchased a home that was built in 1940 that had the knob & tube type of wiring, along with two other types. Having an older home re-wired can be a sizeable expense in your remodeling budget, but money well-spent. When the electrician showed me the old wires he'd pulled from the wall(frayed and crumbling), I was so glad I decided to have the new wiring done. It's a wonder the house I purchased didn't burn down years ago due to an electrical fire. If you really want the house, don't jeopardize your safety to save money.