Undoubtedly, having an elevator in your home is a value-added feature. A home elevator provides convenience and ease of movement, adding an attractive aesthetic appeal to the living space. Further, advancements in home elevator installation have made it more practical for homeowners to add an elevator to their residences.
But, like any home improvement project, it’s natural to wonder how a home elevator purchase will impact your home’s value.
Let’s look at whether or not installing an elevator will increase your home’s value, the range of benefits that come from a home elevator installation, and what to expect from the home elevator purchase and installation process.
Will an Elevator Increase Your Home’s Value?
Adding a home elevator can add 10% or more to the property value of your residence. And, if you decide to sell the home, you can choose to include the cost of your elevator installation as part of its selling price. This approach can be a great way to recoup the money spent.
Even so, the greater value of a residential elevator is not monetary. Home elevators add joy, comfort, and functionality to the living space, as anyone can easily access the entire home.
Home Elevator Installation Benefits
Consider the following benefits as you evaluate home elevator cost versus added value.
Luxury Upgrade
Residential elevators offer a luxurious experience within your home. You can expect a wide variety of architectural decor choices. Options include glass door elevators for ultra-modern interiors or vintage-style elevators with metal scissors gates for a retro appeal. They are fully customizable to fit the look and feel of your home.
Increased Home Value
Yes, adding a custom home elevator will increase your property value. However, it will also add value to your family’s life within the home! The exact increase in property value will vary based on the size and type of elevator and the home’s value before installation, but often the increase in value can be enough to offset the initial investment.
Practicality
Often, residences have three or more levels. When you consider traveling from the basement to the second or third level multiple times a day, a home elevator system simply makes sense.
Accessibility
Well over 50 million people in the U.S. are over 65. Another 10 million experience disabilities that make walking or climbing stairs difficult. For these populations, having an elevator in the home can allow them to stay in a place that brings comfort and familiarity. Residential lifts can help to create a fully accessible home.
When to Add a Home Elevator
A key factor impacting home elevator cost and value is whether you install the lift during new home construction or add it to an existing residence.
Elevators in new home construction
The best time to install a home elevator is during the initial construction phase. Before building has begun is a natural time to examine ways to make the interior space more comfortable and usable. If you are one of these homeowners, including a home elevator in your new, custom home is a luxury amenity that will benefit your family for many years.
Home remodeling projects
While adding an elevator during the initial home construction is an ideal option, many homeowners choose to add this upgrade at a later time. An elevator can be added during a remodeling project if you have an existing home. Some modern homes are built with stacked closets, enabling the option to add a traditional home elevator down the road. Pitless and vacuum elevators may offer an ideal solution to minimize the need for construction.
Home Elevators – The New Home Improvement Trend
Residential elevators were once reserved for owners of mansion-style estates, but that is no longer the case. Due to the increased cost of real estate in urban areas, many Americans are opting for luxury townhomes with vertical floor plans. Other homeowners are looking for ways to adapt their homes for accessibility or to age in place. Having an elevator in the home can make all the difference for these growing populations.
Cost of Home Elevators
The cost of a home elevator varies depending on the layout of your home, construction costs, and design options. Most of our home elevators cost around $30,000-$50,000. However, this can increase to $100,000 with extremely custom, unique designs.
Design options include interior design, fixture options, and door and gate options. Your standard home elevator will also have features that ensure safety and convenience, such as:
- Emergency battery to lower and open in the event of a power loss
- Door interlocks to prevent doors from opening while in use
- Safety switches for emergency stop
- Safeguards to avoid improper operation without a passenger
- The proper maximum weight and carrying capacity
Increase Your Home’s Value with a Home Elevator
Visit Arrow Lift for a wide selection of stylish home elevators. Our installation-friendly options typically add enough value to your home to recoup the residential elevator investment.
Whether you’re planning your dream home, adapting for accessibility, or simply looking for a home upgrade, we’ve got you covered. Our team of experts has been helping homeowners like you find the perfect solution to suit their needs for over 35 years. Contact us today to learn more.
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