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Home Elevator Costs and General Budget Considerations

By Jamie Richardson | December 12, 2020

If you are starting the process of building a new home or looking to make modern modifications to your existing one, a home elevator can be a smart inclusion to consider. But how much do home elevators cost? The answer is multi-dimensional and requires considerations that are not one size fits all. Having said that, the higher tier financial investment that this will be can provide you with long term benefits that end up exceeding the initial costs.

Price Determination 

Determining how much do home elevators cost depends on a variety of factors, including but not limited to, type, number of floors, cab style, location inside the home, and complexity of installation. If you are going to be comparing prices across different vendors, make sure that all the details are an exact match otherwise it will not yield a true comparison. The total cost of this project will also include labor costs, as well as local regulations and permits. 

These dollar amounts are separate from the cost of simply just the system. As you do your research and narrow down your selections, also consider these factors that exist outside the sticker price of the product. Your timeline is something that will not necessarily help to determine price, but it does help to determine payment. Becoming familiar with the size of this financial investment before the installation gives you time to assess your own budget and make plans for funding a project of this size. 

Purpose Driven Research

Think about why you want or need to add a home elevator system to your dwelling. If increased home value is your goal, if the foresight of being able to age in place is your goal, if simply adding convenience to your lifestyle is your desire, this checks that box. The point is, that there is not a bad or wrong reason to make this decision, but your needs behind it will dictate price to a certain extent. For example, cab size and weight capacity are two things that will affect price, and installing a home elevator system to assist with daily home tasks is a drastically different need than say to transport a wheelchair bound person between levels of the home. 

New Construction vs. Retrofit

Adding a home elevator to the budget of a new construction is a different financial adjustment than doing a Soft Story Retrofit into the structure of an existing home. The costs associated with the specific type of system may be identical, however due to factors like labor, home layout, and home size the final cost of the project will vary. The important thing to note, is that you do not have to have a modern home, to add modern amenities. Being open and flexible to the options available is another large factor that impacts overall cost. While you may desire a specific system, understanding that in the terms of retrofitting, not every option is going to be available to you in an affordable way is going to allow you to control costs that much more.

Photo by Manuel Goche on Unsplash

Jamie is a 5-year freelance writer who enjoys real estate. He is currently a Realty Biz News Contributor.
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