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What Does a Residential Elevator Do to Your Home’s Resale Value?

By Jamie Richardson | October 18, 2023

Many homeowners invest in their properties with renovations, additions, landscaping, and so on. However, a lot of these investments may not translate to a higher resale value. The next homeowners may not be that enthusiastic about the alterations, or they may even have to make their own renovations. Any homeowner who’s considering major updates to their house should also ask whether it’ll give them a good return on investment. Will it be a desirable feature for future buyers, or will it just end up getting removed?

Installing a home elevator is a decision that many homeowners feel good about, and not just because it allows them to navigate their house more easily. It’s also because a home elevator adds value to the property, regardless of the style, drive type, customizations, or any other factor. As long as it’s been well maintained, most potential home buyers would be glad to pay extra for this type of feature.

A residential elevator adds to the home’s overall appeal

There are certain features that every home should have – things like a kitchen sink, a toilet, a shower, etc. Then there are the features that aren’t necessary, but can be the reason why home buyers fall in love with a property. These would be things like a pool, beautiful landscaping, or a residential elevator. It may not be essential to have an elevator in a multi-story house, but it’s certainly an unusual feature that adds both convenience and charm. Home elevators also bring a sense of style, and are associated with a higher standard of living.

A residential elevator can increase home safety

Some of the most common household injuries come from slips, trips, and falls – and guess where those often happen in a multi-story house? On the stairs. According to a 2017 study, stairs in residential properties were involved in about 12,000 deaths and 1 million injuries in just one year. This includes stairs with safety features such as handrails or no-slip treads. Even though these features can reduce the risk of accidents, they can’t eliminate them. 

Stairs are especially risky for the disabled and the elderly, who often struggle with impaired mobility. In some cases, a deteriorating condition could prevent someone from even reaching the upper floors of their own home. A residential elevator would solve this problem by getting rid of the need for stairs altogether. There’s no more risk to using an elevator than there is for walking on a flat surface, which makes it an ideal choice for someone with mobility issues. A home elevator is also more convenient for a disabled or elderly person; even if they’re technically able to get up and down the stairs, using an elevator would save them a lot of effort throughout the day.

Each residential elevator can be customized

Even a standard residential elevator adds to the aesthetic appeal of a home, but it can be customized to match the specific taste of the homeowner as well. All kinds of features can be customized, from the type of finish that’s used, to the elevator’s size. The convenience factor may be one of the main points of attraction for a home elevator, but the appearance will be the first thing that catches someone’s eye. When you have a home elevator installed that’s both stylish and functional, this will undoubtedly increase the value of the property.

A residential elevator can be energy-efficient

This doesn’t necessarily apply to all elevators, but there are quite a few options that are friendly to both the environment and your monthly energy bill. An energy-efficient elevator typically doesn’t require a lot of extra machinery, has a compact build, and even has LED lightbulbs. Increasing numbers of home buyers consider their options with energy efficiency in mind, especially if they prefer to live by eco-friendly principles. A residential elevator will add to a home’s overall energy consumption, but it can be designed so that the impact is as small as possible.

A residential elevator adds that special something to a home

There are all kinds of ways to make your home more comfortable to live in. Some people decide to renovate existing rooms, while others choose to add spaces like extra bedrooms, workshops, patios, and so on. Then there are the homes that are already architecturally impressive; they may have arched doorways, vaulted ceilings, or other features that elevate the image of the residence. A home elevator is one of those features that’s unusual, but not obscure. It can be used by everyone, but it’s far from the standard. Regardless of how impressive or well-kept the rest of the house is, a residential elevator can really make a home stand out to potential home buyers. 

Optimizing the value of your home elevator

You can depend on a residential elevator to add to the value of your home, but how much exactly? This will vary from case to case, but there are a few things you can do to optimize its value.

  • Get an energy-efficient option

If a potential home buyer is interested in a property with a residential elevator, they’re already prepared to handle the necessary energy costs. However, if that elevator happens to be energy-efficient, that would seem like an even better deal.

  • Consider your customizations wisely

Customizing your home elevator can be a great way to complement your house’s overall theme, but you may want to consider what future homeowners would think of them as well. If you opt for customizations that only have a niche appeal, this could detract rather than add to the elevator’s value.

  • Maintain the elevator regularly

Home elevators can have fairly long lifespans, but only if they’re well maintained. Make sure you hold onto the receipts from each maintenance or repair, so you can prove that this valuable piece of machinery has been well taken care of.

There are many reasons why a residential elevator adds to the value of a home; not only does it have intrinsic resale value, but it can also add to the aesthetic appeal and convenience of any residential property.

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