How Much Does a Home Elevator Cost?

Nurse with woman using the elevator

A home elevator can be a great addition to any multi-level home, making it easier to get around and enjoy all your living spaces. 

But as with any major home improvement project, one of the first questions many people have is, “How much will it cost?” 

The answer is not as simple as a single number. There are various factors that can impact the cost of a home elevator, from the size and style of the unit to the specific installation requirements of your home. 

In this blog post, we’ll break down some of the key variables that will affect your bottom line so you can better budget for your new home amenity. 

Key Takeaways

  • Home elevators, sometimes referred to as home lifts, are not just for commercial buildings—they are also a great option for people who want to have more mobility inside their homes.
  • The average cost of home elevators are higher than other modifications, like stair lifts, but can add significant value to a home.
  • The average home elevator will cost around $30,000, with all costs, including construction costs, included.

How Much Does a Home Elevator Typically Cost?

Home elevators are a luxurious item that can make your life much easier, especially if you live in a multi-story home. They provide accessibility for those who may have difficulty with stairs and are also a convenient option for transporting large items or groceries from one floor to another. 

But how much does a home elevator typically cost? Prices can range from around $20,000 to $60,000, depending on the size and features of the elevator. The average price is around $30,000. 

If you’re considering adding a home elevator to your home, be sure to factor in the cost before making your final decision.

What Factors Might Impact This?

There are a variety of factors that can impact the cost of a home elevator. By taking these factors into consideration and doing your research upfront, you can ensure that you budget appropriately for your project.

Site Preparation and Installation

The first factor that will impact the cost of your home elevator is site preparation and installation. This includes everything from the structural support required to install the elevator shaft to the actual installation of the elevator unit itself. In most cases, you can expect site preparation and installation to account for about 30-40% of the total cost of your project. 

Size

The next factor to consider is size. Home elevators come in a variety of sizes, from small units that can accommodate one or two people to larger units that can accommodate up to five people. The size of the unit you choose will impact the total cost of your project. 

Number of Floors

The number of floors serviced by your home elevator is another important factor to consider when budgeting for your project. In general, each additional floor serviced by your elevator will add about $1,000 to the total cost of your project. 

Location

Of course, where the elevator will be going inside your home will play a major role in its cost as well. Elevators installed in hard to reach areas may be more expensive to install.

Style

The style of your home elevator is another important factor to consider when budgeting for your project. There are three basic styles of home elevators on the market today: the pneumatic elevator, the hydraulic elevator, and cable-driven elevator. 

Each style has its own benefits and drawbacks, so be sure to do your research before making a decision. Some require a separate machine room while others require a more advanced drive system. It’s important to talk about what might be required for each type of elevator prior to purchasing and installation so you know what kinds of costs might be included or extra.

Customization

The final factor we’ll consider is customization. Homeowners who want to add custom features or finishes to their elevators can expect to pay more for their projects than those who choose stock models with basic features. While most home elevators come with built-in safety features, others might have these as separate add-ons. Though beneficial, they can incur an additional cost.

When Should I Consider a Home Elevator Over a Stairlift?

If you or a loved one has difficulty navigating stairs, you may be considering a home elevator or stair lift as a solution. But what’s the difference between the two? And which one is right for you? 

Stairlifts are generally much easier to install than home elevators. If you’re considering a home elevator, you’ll need to factor in the cost of installation as well as any required modifications to your home (e.g., reinforcing floors, adding electrical outlets).

Both home elevators and stairlifts require regular maintenance (e.g., lubrication, adjustments). However, because home elevators are more complex than stairlifts, they typically require more frequent maintenance. 

Both home elevators and stairlifts are safe when used as intended. However, because home elevators move vertically (rather than horizontally like stairlifts), there is a greater risk of injury if someone falls while using an elevator. 

Home elevators typically have a higher weight capacity than stairlifts (1000 lbs vs 300-400 lbs). Home elevators come in a variety of sizes (e.g., small enough to fit in a closet), whereas most stairlifts are designed for standard staircase dimensions. 

Home elevators can be customized to match the aesthetic of your home, whereas most stairlifts have a fixed look and feel. 

Finally, a home elevator provides full access to all levels of your home; however, a person using a stairlift is limited to using the stairs on which the lift is installed. 

How Can I Finance a Home Elevator?

The cost of a home elevator can range from $20,000 to $60,000, making it a significant investment. Fortunately, there are a number of different financing options available to help make the purchase more affordable. 

One option is to take out a home equity loan. This can be a good choice if you have equity in your home and you’re comfortable with making monthly loan payments. 

Another option is to finance the purchase with a personal loan. This can be a good option if you have good credit and you’re looking for a relatively low-interest loan. 

There are also a number of government and insurance-backed programs that offer financial assistance for people with disabilities who need to purchase an elevator. These programs can provide grants or low-interest loans to help cover the cost of the purchase. 

Finally, some companies that sell elevators also offer financing options. These can vary depending on the company, so be sure to shop around to find the best deal. 

No matter which financing option you choose, make sure you shop around and compare interest rates and terms before making a final decision.

The Bottom Line

When budgeting for a new home elevator, there are many factors to consider beyond just the initial purchase price. From unit size and style to installation requirements and local building codes, there are numerous elements that can impact your bottom line. However, by taking the time to understand all the different variables at play, you can ensure that you select the best possible option for both your needs and budget.

Questions Others Are Asking

Does a home elevator increase home value?

A well-designed and properly installed home elevator can be a valuable addition to any home. Not only does it provide greater access for people with limited mobility, but it can also be a selling point for potential buyers. In addition, an elevator can add much-needed space to a small home by providing direct access to an attic or basement.

Are residential elevators safe?

Residential elevators are safe when they are properly installed and maintained. Elevators must meet strict safety regulations, and they are regularly inspected to ensure that they are functioning properly. In addition, most residential elevators have an emergency stop button that can be used in the event of an accident.

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