What’s the Cost of Installing a Home Elevator?

When it comes to home renovations, many people think of things like new flooring, updated kitchens, and fresh paint jobs. But what about those who are looking to make their home more accessible? If you’re someone who is considering installing a home elevator, you may be wondering how much it will cost. In this blog post, we will discuss the average cost of installing a home elevator and provide some tips on how to keep your costs down.

Why People Install Home Elevators

As we age, our bodies begin to weaken. Daily activities like walking and climbing stairs can take a lot more energy and time. Additionally, many seniors face balance issues, making them more prone to falling.

To make their dwellings safer and more accessible, more and more of the elderly are installing home elevators. These home elevators offer a convenient and safe way to ascend or descend to another level of your home.

Installing a home elevator allows seniors to access different floors of their homes without the considerable effort of taking the stairs. Home elevators are a great option for many people because these devices promote independence. Seniors are more likely to stay in their current homes as they age, rather than needing to downsize to a one-story home.

This is beneficial both psychologically and economically. Being able to stay in one’s own familiar home is often more stress-reducing than having to relocate to a nursing facility as mobility gets more difficult. Furthermore, most modern residential elevators are quite elegant and aesthetically pleasing compared with previous generations of these devices. For elderly people who want to maintain their independence while still enjoying the convenience of an elevator, plenty of wonderful options are available today.

Home elevators aren’t just for seniors, however. These accessibility devices are also used by younger people with special mobility needs. If a person uses a wheelchair, crutches, or other mobility devices, a home elevator can make their home much more convenient.

Cost to Install an Elevator in Your Home

Installing elevators in homes has become increasingly popular. There are a variety of factors to consider when estimating the cost, such as the type of elevator you choose, the size, interior/exterior of your home, existing structural elements, and labor requirements. Elevators are a major modification to your home and investing in an aesthetically pleasing one can add style to your home. Even the more modest ones are usually tens of thousands of dollars.

Generally speaking, the price can range anywhere from $20,000 to upwards of $70,000 or more and will vary depending on several personal preferences and job complexity. It is recommended that you always consult a professional contractor to be certain that all necessary requirements are met for installation before starting any construction project.

Contractors should be able to give you a detailed quote for your home elevator so that you can make any necessary arrangements. You may also be responsible for covering the costs of any necessary permits that your local government requires prior to the installation process. Parts and labor may be charged separately, so be sure to inquire about each of these fees to ensure you’re getting an accurate estimate for the total cost.

Managing Home Elevator Costs in the USA

While the price tag of a home elevator can be hefty, the cost of installing one is less expensive than buying a new house. Installation may also cost less than relocating to a nursing facility when you consider the facility’s cost over several years. In other words, installing a home elevator may cost more upfront, but you could save money over the years.

One way to consider whether the cost is worth it is to compare your quoted amount to the cost of accommodations at local nursing facilities or retirement communities. You can calculate the estimated time you plan to stay at a facility and determine if the cost will be less than, greater than, or equal to the cost of your elevator.

Keep in mind that this renovation will likely increase the resale value of your home, too.

Alternatives if You Can’t Afford the Cost of a Small Home Elevator

If you decide that even a small home elevator is out of the question for you, there are many cheaper options available. While an elevator will often be the most convenient option, the alternatives can improve accessibility in your home without breaking the bank.

• Stair lift: A stair lift is a device that can be attached to your home’s existing staircase. A person sits in the chair, flips a switch, and the motorized chair either ascends or descends along the staircase. Many are battery operated, making them convenient options when the electricity goes out. Depending on the model, stair lifts average around a few thousand dollars.
• Platform lift: Platform lifts are similar to elevators but are typically open on the top. They are a more affordable option than a home elevator but are just as useful for helping seniors and others navigate their multi-story homes. Platform lifts can be installed inside or outside the house, depending on the model. These are a bit pricier than stair lifts at several thousand dollars typically but not as costly as a home elevator.
• Wheelchair ramp: A wheelchair ramp is designed to make ascending slopes easier for people in wheelchairs or who are unable to take a staircase. Costs are often determined per foot of the material. Depending on the length of the ramp, the expected cost could be around $2,000.
• Downsizing: A final option may be to downsize to another location. Finding accommodations that are single level or already have elevators (such as many retirement communities) may be a more budget-friendly option for seniors.

Conclusion

Home elevators are a great choice for seniors and others who want to remain in their houses throughout their golden years. While the cost may seem expensive at first glance, the investment may be worth it for people who don’t want to relocate. For seniors who aren’t able to afford a home elevator installation, other accessibility options exist at lower costs.