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For most applications, you won’t need a neutral for 240V. There are certain codes and regulations that differ between areas so just because you technically may not need one in order for the device to function properly, it may still be a local requirement. Professionals in your area know the requirements, which is just another reason to hire one instead of taking on a project that is frankly not very DIY-friendly.

Knob and tube wiring is old, and its casing is brittle. This means that it's possible to receive a dangerous electrical shock if you touch a live wire and essentially become an electrical pathway. Although the scenario is unlikely, touching any K&T wiring is simply not a good idea in any instance. Leave any wire handling to the professionals.

To install an outlet from existing wiring, you’ll need to choose a location where you can already access existing wiring. The easiest way to do this is to install an outlet on the other side of the wall of an existing outlet. 

Since the wiring is already in place, all you have to do is connect a new cable to the existing wiring and then connect the correct wires through the wall—to the new electrical outlet. Place your new outlet into the opening in the wall and then connect the correct wires to the appropriate terminal screws.

It’s a great idea to replace and update outlets, especially if an outlet stops working. New outlets work well with modern appliances and devices. Over time, outlets become old and worn—they can even become damaged, cracked, and burnt if the wiring is old and outdated. Old outlets and wiring can cause smoke, sparks, flickering lights, and an electrical fire.