Replacing Old Fuse Boxes

If you replace the fuse box, you will have to bring all of the wiring up to code. Depending on the size of the apartment, count a minimum of $12,000 plus repairs for the damage to the walls.

Does it need to be done, or is it just for convenience of not using fuses? Does it mean the wiring is really old and should be replaced anyway? The owners like mentioned above are very old, and are no way negotiable, even in their situation where they have purchased a home already (in January) out of state to be near their son and grandchildren.

It all depends if you want to add anything to the apartment, like an AC or a dishwasher or a W/D. Original wiring wasn't designed to support modern appliances, and the rule is that once you start updating the wiring, all must be up to current code.
If you are happy with the number of outlets and the current (lack of) modern appliances, I'm sure it would be fine enough. If you plan to redo the kitchen and/or update HVAC systems, you must budget for the electrical rewiring of the entire apartment.

if you can upgrade, you should. I used to have the old fuses and tenants kept tripping them - the microwave and toaster would do it. One day the tenant said he smelled smoke and I saw smoke coming from the fuses box. Needless to say, I upgraded the next week

Loveislife,

Unless you are doing a complete gut reno you do not replace all the wires. You upgrade the panel for $2,500.00

just replacing the fusebox is very dangerous. Upgrading your system might take time and money, but is well worth the hassle. Think of it as an investment.

Thanks everyone, I have decided this apartment would probably be something like "The Money Pit". The fuse box was only the first question on my list of things to be done.
Much appreciated for all the hekpful information.

Primer, are you saying that is ok/good enough just to replace the panel (from fuses to breakers)? The majority of people seem to think that if this is done, the apartment should be totally re-wired (here too: http://streeteasy.com/nyc/talk/discussion/33476-electrical-panel).