Many associate elevators with skyrise buildings, hotels, and malls, but elevators are growing increasingly common in homes too一and for good reason. As people reach retirement age and face mobility issues, they are finding a better solution to the problem of where to move next: staying put and installing a residential elevator.
Residential elevators offer functionality and aesthetic appeal, and they can increase your home value significantly. For people who have spent much of their lives paying off their home mortgage and crafting their dream home only to have to move out when they face mobility concerns, home elevators are an especially worthy consideration.
If you’re wondering about the costs involved, keep reading to find out how much home elevators cost on average and the hidden cost that people don’t typically consider at first.
What Factors Contribute to Price?
The Location of Your House
Where do you reside? If you live farther from a metropolitan area, installation price tends to increase due to travel time and the transportation of materials.
The Make and Model of Original Installation
It seems to go without saying, but the make and model of your original installation influences the price of your home elevator. Not all elevator companies build elevators the same way. There are some companies that “frankenstein” an elevator from a multitude of parts and charge a lower price for installation.
While this seems cost-effective at the outset, it’s important to know where these elevator parts come from. Sometimes parts derive from companies that no longer exist or proprietary equipment that is difficult to maintain without specialized tooling. Sometimes certain equipment is obsolete and will be difficult for technicians to service properly going forward. What does this mean for your elevator price? You may be able to pay less for the elevator initially, but you’ll end up paying more to maintain it year after year because of its complicated design. Always properly research the company installing your elevator. They should be transparent about materials and the quality of them.
Other factors that influence price are cosmetic decisions, like the style, type of gate and door, number of grab bars, and the kind of finish you choose (i.e., wood paneling or something more elaborate like stone or mirror paneling).
How Much Does a Home Elevator Cost on Average?
Because of all the factors previously mentioned, home elevators range in cost. On average, you can expect this range to be from $28,000 to $35,000. Although this is a weighty investment, many homeowners find it more affordable to install a residential elevator rather than downsize and purchase a single-level home.
The Hidden Cost to Be Prepared For
Your home elevator does not stop costing you once it’s installed. Like with any transportation vehicle一like your car一it will need regular maintenance to ensure that it is safe to use year after year.
At Genesis, we estimate that maintenance typically costs $400 annually, so it’s important to budget for this at a minimum.
This additional annual cost usually ends up paling in comparison to the prices associated with relocating and purchasing a new home, but it is still something to be prepared for.
What Should I Expect in My Elevator Installation Estimate?
Included with most elevator installation estimates are tax, permit and shipping costs, and installation fees. The only other expense that is typically not included is any architectural costs related to constructional labor that was needed to install the elevator.
Genesis Elevator Company treats every job as a unique opportunity to create a custom installation solution to your existing home. Every installation is personalized so we can ensure we are making your dream a reality. With Genesis, you’ll feel safe knowing we meet and exceed all location and national safety code requirements just like we will exceed your expectations.
Don’t wait一Call us at 770-423-1095 or contact us today to receive a free estimate and schedule an in-home consultation.