How Installing a Home Elevator Affects Home Value

A Home Elevator Adds Unique Appeal to a House

Generally, most changes made to a home add value. Either they are done to maintain the condition of the house, or added with the goal of making real estate more appealing. As a result, if or when a property owner decides to sell the house, these changes will increase its value.

However, most home renovations do not have the same impact as a home elevator. Replacing a roof or kitchen cabinets that are 5 years old is mostly a technical issue. A home elevator can spark imagination in potential buyers, and in some cases even make them spend more money.

Some Home Elevators Are Energy Efficient

This depends on the type of elevator installed, but several options offer energy savings and other sustainable technologies. These include LED lighting, regenerative drives, compact designs without the need for additional equipment and more. More buyers are interested in eco-friendly features in real estate, especially if these characteristics can save money. An energy-efficient elevator is ideal for this purpose and increases a home's appeal.

Home Elevators Can Be Highly Customizable

In many cases, it's possible to personalize a home elevator so that it adds aesthetic appeal to the house. Any addition that makes housing more attractive usually increases its value, and this is especially true when such an addition is also useful like a home elevator. A well-designed elevator can even become the centerpiece of one of the main living spaces in a home, if that's what the client wants. Personalization options include elevator panels (elegant glass, elegant wood, minimalist metal accents, etc.), finishes used for decoration, and the overall size of the elevator.

A Home Elevator Can Improve Home Safety

According to a 2017 study, stairs in private homes were the cause of about one million injuries per year, including approximately 12 thousand deaths. Even if a staircase has features such as slippery steps or handrails, the fact remains: it represents a serious danger to people of all ages. This is especially relevant for elderly or disabled individuals who often face mobility issues in multi-family buildings. However, a home elevator can instantly provide access to all floors of the house while reducing the risk of falls and trips. Installing a home elevator can be done years before it becomes necessary for an elderly homeowner. Instead of waiting for a stair-related accident to understand the need for an elevator, residents can invest in it ahead of time to ensure future home safety. This makes life easier for everyone living in the house and prevents cases where elderly or disabled residents learn firsthand that stairs are no longer safe for them. Since this can also be a factor considered by future buyers, an elevator can significantly increase home value.

A Home Elevator Boosts Property Appeal

Some items, such as toilets or kitchen sinks, are generally considered necessary for a well-planned home. Others, like underground pools or home elevators, are not strictly necessary but add a strong incentive for some buyers. An elevator brings convenience and accessibility to the home, as well as style and a higher quality of life. Whether it's enjoying the use of an elevator for several decades or having potential buyers consider it just a few years after installation, a home elevator adds certain appeal to any living space that's hard to replicate.

How to Optimize the Value of a Home Elevator

The average cost of a home elevator is in the tens of thousands of dollars, so while it functions, it will add some value to a home. However, there are several ways to ensure maximum return on investment.

• Maintain Regular Service

As with any other part of the home, maintaining a home elevator is crucial for preserving its value. In fact, it's recommended to keep receipts or invoices confirming elevator maintenance work so that potential buyers can verify regular servicing.

• Consider Future Buyers When Adding Customizations

It's important to make the home your own, especially with impressive features like a home elevator. However, if someone responsible for customization has an especially unique taste, it may be wise to keep this for items that are easier to change, such as curtains or wallpapers. A more universally styled elevator will be much easier to sell when the time comes.

• Choose an Energy-Efficient Elevator

As mentioned above, many people value eco-friendly features in a home – and it's not harmful if these characteristics also save money over the long term. An energy-efficient elevator is beneficial for the environment and costs less than standard home elevators.

Conclusion

Installing a home elevator can significantly increase property value for multiple reasons. Part of the appeal will depend on how much current or future owners value it, but a home elevator also has intrinsic value that can be preserved for many years with proper care.