Home Elevator Costs - Residential Elevator Prices

Installing residential elevators improves the luxury and comfort level of a home. They are designed by including the basic features of commercial elevators. A home elevator serves as a safe and highly durable alternative to stairs. Most of the homeowners prefer installation of residential elevators to increase the home value, so that they can fetch more while releasing the property for sale. As per national home value average, this home appliance increases the value of a home property by about 10 percent.

Besides increased property value, home elevators are an ideal solution to increase the mobility of elderly people and/or physically disabled members of the family, especially in a multistorey building. At any point of time, a home is the biggest investment of a lifetime. So, why not add a unique style to your home by opting for luxurious and functional residential elevators. Nevertheless, the main concerning issue with this home improvement plan is the cost of home elevator installation. Let's discuss in brief about the price range of residential elevators.

Residential Elevator: Total Cost

Residential elevators can be installed in the current home or include while planning for new homes. Speaking about the cost of installation, having installed during the construction of building is less expensive than retrofitting in an existing home. In both cases, the cost of installing elevators in residential homes is not as high as most homeowners expect it to be. Though the features of home elevators and commercial elevators are more or less similar, the cost of the home type is comparatively less.

The approximate cost of a residential home elevator having two stops ranges between USD 20,000 - 25,000. The lowest priced home elevator available in the market costs about USD 10,000 - 15,000; while the highest being more than USD 30,000. The actual residential elevator prices may vary depending upon the features of the appliance and the finish material. For example, hardwood model is more expensive than a stone type. Other cost varying factors for residential elevators are size of the equipment, speed of operation, durability, and the number of stops or story.

The more sophisticated features the unit has, the higher is the home elevator price. Some of the features that you can check for while purchasing home elevators are alarm system, phone connection, lower and upper terminal limits, cable safety device, electromechanical interlock system, emergency light, and battery backups. In case, you want other additional features, you can always order customized residential home elevators of a reliable brand.

In case, you are installing the unit due to medical reasons, you can request for an approval letter from the doctor in order to avail tax deduction. According to the norms, if the home elevator costs more than 7.5 percent of the annual income, you can qualify for certain tax deduction facilities. One of the advantages of home elevators is that they utilize a small space of the building. In fact, some of the models can be fitted in a limited space of about 25 square feet.

Prior to finalizing a home elevator, always shop around and compare the residential elevator cost of different companies. To get the best deal, you can also go through the reviews posted by the customers. Doing so will help you in deciding a superior quality brand at a reasonable price. Whatever be the type of residential elevator you have opted, the most important factor is the safety of the appliance, which you should not neglect at any cost.