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When we were house hunting and saw a few homes with fuses I was told that they are still fine even though I was used to circuit breakers myself. Even homes with circuit breakers could be improperly wired after all. The bottom line is really that you will find more about the homes systems upon inspection. A knowledgeable home inspector will be able to let you know what you will or won't have to change based on your needs. IMO changing out the old system 7 wiring with a newer one will aid you when it comes time to sell years down the road. It is expensive though (we were quoted about $10k for complete upgrade & wiring). You could try to get the price of the house reduced and have the updating done prior to move-in. Also it looks like other parts of the house are also in need of updating so factor in just how much you want to deal with based on just how handy you want to become. Good luck with whatever you decide to do. Home ownership is a blast! ps- ...we were looking for like 6 months!
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