If you or a loved one have trouble traveling up and down your home, a residential elevator just might be the solution. When people think of elevators, they tend to think of businesses or other service buildings, or perhaps in a mansion. But an elevator can be in your home, and in this post, we’ll talk about the pricing and the costs of a home elevator.
So lets get down to million dollar question..
Q) How much do home elevators cost?
A) Well, There is real no exact price for a residential elevators. The cost will depend on many factors as I will explain below. But it’s best to get quotes around your area and then go with the best fit to your needs. Having said all that, Here are some factors that go into the cost of a home elevator:
When installing an elevator, you may need to have a building permit. The cost of the permit will vary depending on where you live, or if you need one at all, and can cost anywhere from $100 to over $1,000. Go to your nearest city hall and see what you need to do so you can be in the clear legally.
Size of Your Home
The more floors the elevator will need to stop on, the more it will cost you. If your house is more than two floors, consider that when thinking about if you need a residential elevator. Having an extra floor can cost you an extra 10 grand.
Size of the Elevator
Naturally, a larger elevator will cost you more than a small one will.
Type of Elevator
There are different types of elevators you can choose from, and we will highlight the main two, which are hydraulic and pneumatic. Hydraulic is an elevator that is powered by an arm lifting it up, and it usually runs smoother and quieter. It’s also much more expensive than pneumatic, which is powered by air pressure. Pneumatic elevators are smaller, and tend to be used more in homes, so if you’re getting an elevator, you’ll probably choose pneumatic, which costs around $10,000 on average. A hydraulic can cost you over $30,000, just for a comparison, and is better if you own a business.
You bought the elevator, so now you have to install it. First, make sure there is space in your home where an elevator can fit. Spare rooms are a good idea. As a last resort, you may have to build more space, which is another post for another time. In this case, we’ll assume you have some space.
Installation costs will depend on what kind of elevator you have, but for an average home, expect around $5,000.
When your home elevator is installed and running, you still need someone to perform maintenance checks on an elevator. The last thing you want is for the elevator to go out while you’re riding it. For an elevator, it will depend on the maintenance services you need, but it can be around $100 a month.
If your maintenance team finds a problem with your elevator, they will need to repair it. Costs will vary, but it’s usually around $70 an hour.
So, how much do residential elevators cost? For an average, two story house, you’re looking at about $15,000 for an elevator after all the expenses are included. Again, this will all depend on size, type, and how many floors you have. You can talk to us and ask for a free estimate and get started!
Elevators Can Pay Off!
Besides helping the disabled, you can use your elevator to save money and even profit in the long run. For example, elevators can be tax write offs if they’re over 7.5% of your total income. We’re no tax experts, so talk to a professional for more information.
Besides that, elevators are also a great way to add value to your house. The value goes up if they are installed as your home is built. When you sell your home, you can get over half the amount you spent on the elevator back in your pocket, and this is just the minimum. Sometimes, you can get more.
Residential elevators can be a bit costly at first, but it’s a small price to pay if you or someone you know is having trouble going between floors, whether they’re elderly or disabled. If you have had questions about home elevators, feel free to contact us.