Are you planning to install a residential elevator? The following article attempts to give you an idea of the costs involved, which will help you in planning your budget properly
The average cost of a residential elevator is between $18,000 to $22,000 in the United States. The lower range of home elevators available in the market, lies between the $10,000 – $15,000 bracket, while the premium models can go beyond the $30,000 mark.
However, prices vary widely among different brands of home elevators. Residential elevators are designed to include the basic features of commercial elevators, and they go a long way in improving the luxury and comfort of a home.
A home elevator serves as a safe and highly durable alternative to stairs. It is an ideal mobility solution for elderly people, or physically challenged members of the family, especially in a large multi-storey residence.
A residential elevator also increases the property values by up to 10%, and is a unique way to add both style and functionality to ones home.
Nevertheless, before you embark on your plans for home improvement, it is important to know the costs involved in buying and installing a home elevator.
Home Elevator Prices
Prices of home elevators depend on the following factors:
- Features: If the elevator has added features like automatic gate openers, it will cost significantly more than the ones with just the basic amenities.
- Design: A home elevator with hardwood panels and brushed finish will cost more than one with a stainless steel finish and minimum trimmings.
- Capacity and number of stops: Be ready to shell out that extra cash if you want an elevator for more than 2 people, or one which covers every floor from the basement up.
- Types of drive trains: Home elevators have various types of driving mechanisms, or drive trains, which are also priced according to their level of sophistication. There are cable-drum systems, hydraulic mechanisms, geared and un-geared systems and also pneumatic drive trains.
The more sophisticated features the unit has, the higher is the 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 elevators from a reliable brand.
Installation costs
Residential elevators can be installed during the construction of a new home or retrofitted in an already built one. It is, however, recommended that the installation be done during construction as far as possible, so as to minimize structural changes later on. On an average, the costs of installation can be anywhere between $5000 to $10,000, or even more, depending on the layout of your home. In some states it is a legal requirement to get home elevators inspected, which can also create additional expenses.
Residential Elevator Brands
Prior to finalizing a home elevator, always shop around and compare the products offered by different companies. To get the best deal, you can also go through the reviews posted by past customers. Doing so will help you in identifying a safe, reliable brand, at a reasonable price. One must keep in mind that the prices mentioned are for the basic stripped down versions of these elevators, they will increase with add-ons such as automatic gates or doors, custom panels or wood trimmings, interior light fixtures and phones. All prices are on request from the respective manufacturers, however, here are some pointers as to the prices one may expect for home elevators of leading brands.
Savaria Elevators
Savaria manufactures a range of mobility solutions including both home and commercial elevators, one of its home elevator brands is the Concord range which retails in the $20,000 to $30,000 price bracket.
Residential Elevators, Inc.
REI offers many models of home elevators, at various price points. One of its models is the LLT-950 which is priced around $17,000.
ThyssenKrupp
One of the leading makers of elevators and other mobility solutions, ThyssenKrupp has several models of home elevators such as Volant, Destiny, Rise and Evolution. The LEV model is a popular choice for homeowners and comes in at around $18000 out of the box, however, the final figure may be in the $30,000 range with all the bells and whistles.
Waupaca Elevator
An American elevator company, Waupaca has a selection of home elevator models for prospective customers. Its Estate range of home elevators are priced in the $20,000 to $30,000 range.
Elevators are increasingly becoming a popular addition to large homes, they are convenient, stylish and a value addition to the property. The prices can be obtained through local elevator dealerships. The installation, however, is a job for the professionals, who will study the blueprints and decide on the optimal location for the elevator in your home.
