Home Elevators: The Luxury Upgrade That Pays for Itself
When it comes to real estate, a variety of factors can influence the value of your home. One often-overlooked feature with a significant impact is the presence of an elevator. Once considered a luxury item, elevators are increasingly found in residential properties.
Home elevators are no longer exclusive to mansions or high-end properties. They have become a growing trend in modern residential construction, driven by factors like our aging population and architectural preferences.
Elevators offer accessibility benefits, making multi-story homes more appealing to a broader range of buyers. This includes elderly individuals and/or those with mobility issues.
According to bobvila.com, “A modern home elevator can make a huge difference to the lives of those with mobility issues. It’s not just about aging; all kinds of health factors can impact the ability to move freely and easily. If stairs have become a barrier, a home elevator can restore accessibility and independence.”
Home Elevators Provide an Attractive Selling Point
In many cases, a home elevator serves as a wise financial investment that can pay for itself if you eventually decide to move out of your house and put it on the market. It can become an attractive selling point distinguishing your home from the competition.
According to data from the National Association of Realtors (NAR), homes with elevators tend to sell at a higher price per square foot compared to similar properties without elevators. On average, elevators can add anywhere from 10% to 25% to your home’s value.
Residential Elevators Offer Broader Market Appeal
Elevators make homes more attractive to a wider range of potential buyers. Families with young children, elderly individuals or individuals with disabilities may be more willing to pay a premium for the convenience of an elevator.
The aging population has driven the demand for homes with elevators. As more baby boomers retire and downsize, they are seeking homes that offer convenience and ease of mobility.
Factors Affecting the Impact of Adding a Home Elevator
Several key factors can influence how much of an impact an elevator has on your home’s value, including:
- Quality and Maintenance: The condition and maintenance of the elevator play a significant role in its impact on home value. Well-maintained elevators are more likely to increase a property’s value.
- Location: The impact of an elevator on home value can vary depending on your area’s real estate market and the preferences of potential home buyers.
- Size of the Home: In smaller homes, the addition of an elevator might take up valuable square footage, potentially reducing the overall living space and counteracting the value increase.
According to Caring.com, “While the return-on-investment of a residential elevator varies depending on your local real estate market, there’s no doubt that a private elevator can increase your property valuation.”
Assessing Elevator Installation Costs and Potential Returns
Here are some considerations you should keep in mind when evaluating the potential financial benefits of adding a home elevator:
- Installation Costs: The cost of installing an elevator can vary widely, depending on factors such as the elevator type, size and complexity of installation.
- ROI Considerations: You should consider the potential ROI when installing an elevator. While it can increase your home’s value, it might not always yield a full return on the investment, especially in lower-demand markets.
Find Out if a Home Elevator is the Right Investment for You
Before making a decision on whether a home elevator is right for you, consult with Southeast Elevator, Florida’s leading residential elevator company.
We will answer all your questions, assess your home’s unique requirements to help you determine if a home elevator is the right investment for you.