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It can be safe to buy or live in a house with knob and tube (K&T) wiring, but only if the system is in good condition, functional, and has been thoroughly inspected and approved by a licensed electrician. Never purchase a home with K&T wiring without getting a professional electrical inspection first.

Key considerations include:

• Safety and Condition: An inspector will verify that the wiring is safe and has not deteriorated. Over time, the insulation can wear away, leaving exposed wires that pose a significant fire or shock hazard.

• System Capacity: The electrical service should be at least 60 amps. However, even at this capacity, K&T systems often struggle to handle the demands of modern appliances and electronics.

• Lack of Grounding: Knob and tube wiring is an ungrounded system, which is a safety concern for many modern devices.

• Ongoing Maintenance: If you live in a home with K&T wiring, it's recommended to have it inspected by an electrician every one to two years to ensure it remains in safe working order.

Ultimately, any inspection or modification of a knob and tube system should always be performed by a certified professional.

The cost of fixing faulty wiring depends on the type of repair required. Replacing an electrical service line, for example, can cost up to $500. Rewiring an entire house will cost at least several thousand dollars. Replacing old wiring like knob and tube wiring will be even more expensive, but fortunately that kind of outdated wiring is fairly rare. Always get an estimate from a reliable electrician to learn the cost details. 

GFCI outlets generally need to be replaced every 7 to 15 years, though some may fail in as little as 5 years, depending on usage. It is important to test them regularly. Signs that a GFCI outlet is failing or has reached the end of its lifespan include: no power coming from the outlet, the outlet not resetting when the 'reset' button is pressed, or the outlet not tripping when the 'test' button is pressed. If you notice any of these issues, it is time to replace the outlet, and it's best to contact an electrician to do so.

On average, it takes from four to eight hours to replace an outside electrical meter box, not including rewiring. It will take a few more hours if the project requires pros to do any rewiring work. Consult your local electrician about a time estimate for your specific project.