Old House near Old Electrical system? I am contemplating buying a 60 year old house near an old...

I am contemplating buying a 60 year old house near an old electrical system contained by it. The inspector said it should be upgraded, and I wanted up-to-code grounded plugs within every room. The one electrician I got (out of 15 or so) to come look at the house said he would purely leave it. He said I could plug surge protectors into the antediluvian 2 prong sockets and it would protect my expensive TV's, stereos, etc. I am dubious. I was liable to spend $6,000 to $8,000 to bring it up to code. Should I leave in good health enough alone, or is this electrician an idiot?
Answers:    He is an idiot. What electrician would turn down work? Electricians within your area must enjoy to much work. Go with the rewire undertaking. And be careful discussion advise from the untrained and unqualified populace on yahoo. Especially the ones pretending to be electricians. Some of the answers you got are outrages and one is chancy. BX is not an acceptable ground. Good grief race.

You can replace your 2 prong receptacles next to GFCI receptacles or protect the circuits beside GFCI breakers and put in 3 prong receptacle. But you still will not have a ground cable protecting your electronics. GFCI only protects you.

There is also the reliability of 60 year feeble wire. Undisturbed, it may be fine. But cart down a light fixture and adjectives the insulation falls off the wires. Been in that and done that.

I do these re-wire jobs normally in outmoded homes. They can be difficult and time consuming, but profitable for me and worthwhile to the home owner. If you need more information, merely email me.

As for price. In my area these job run from $7000 to $14000 with a service upgrade included. The later one I bidded on I lost with a $10300. bid. The unbeaten bid was $7600. That undertaking was for a hot 200amp service and replacement of all knob and tube electrical system and bringing the home into compliance with the 2005 National Electric Code as okay as our state code. With minimal damage to the lathe and plaster. And I know the contractor who get the job, they do top dimple work.
Surge protects HAVE to have a ground to work. Where does this guy muse that surge is going to go? Upgrading would be a impressively tedious charge but it could be done. Hire a competent electrician to do the job. New crucial panel with a 200 amp service. 42 circuits available. Run separate circuits for your fridge, microwave, etc. Put double duplex receptacle on either side of your bed. Lights on separate circuits from the outlets. Oh yea, I'd love to gain a complete redo close to that!!!