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Finally figured out why my home inspection kept flagging old knob and tube wiring
I had three offers fall through on a 1950s bungalow in Oliver before I realized buyers were just scared of the insurance costs. Called up my insurer and got a quote- $900 a year extra for a policy with knob and tube. Now I just tell buyers the exact number upfront and it's been way easier to close deals. Has anyone else dealt with this specific problem in older Edmonton neighborhoods?
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dylanwilliams1mo ago
Buyers get spooked easily by knob and tube, but $900 a year isn't that bad in the grand scheme of things. Did you find most lenders actually required a special rider for it, or was it just the insurance companies being difficult? Curious if your agent also had to chase down those old wiring diagrams from EPCOR to satisfy underwriters.
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Disagree, that extra cost should be disclosed before making an offer though lol.
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