[Moneyguy1]

For a home in that price range, I hope you had an inspection prior to purchase. Most homes of any age have electrical/wiring problems. Phone wiring is about the worst to untangle, basically since most telephone techs have no idea what they are doing (kind of like cable TV techs--supply both with a srewdriver and a pair of pliers, call them a tech and send them out into the world). The electrical systems in older homes are generally full of errors, even to the point of still having fuse boxes, too few circuits with new stuff parisitically spliced into existing circuits, homes old enough still having some cloth covered wire or worse yet knob and tube.

If that is your main service box, I can tell you it was not professionally done and I would urge you have a qualified electrician come in and give it the once over including measuring all the circuts to see if they are "balanced", with no single circuit taing too high a potential load.