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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 Replacing old wiring like knob and tube wiring will be even more expensive, but fortunately that kind of outdated wiring is fairly rare.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. 

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.

GFCI stands for Ground Fault Circuit Interrupter, a standard safety addition to home power outlets. In rooms where moisture is more likely, like the bathroom and kitchen, GFCI outlets stop the current when certain kinds of shorts are detected, preventing shocks. Both GFCI and the similar AFCI (Arc Fault Circuit Interrupter) outlets are polarized and have clear indicators on the receptacle where hot wiring should go.

An electrician will charge between $100 to $150 to install a new light switch. Whether you need to cut into the wall and repair drywall will determine your final project cost, as you can expect to pay $50 to $75 per square foot to repair drywall.