I'm looking into purchasing an older house (1957 4BR colonial) - the previous owners had lived there for over 50 years - as such the electrical system is pretty much untouched from what I can tell. This is a big concern for me however I have no idea what it actually implies. The upstairs does not appear to be grounded (original 2 prong outlets) and the electrical box is fuses vs breakers (I am attaching an image).
Generally, what kind of work is necessary to 'modernize' this system? I'd have a contractor due it of course - however I don't want to dive into this house if this project will break the bank. Thanks for any help!!