How Much Does Residential Elevators Cost

In the United States, many average homeowners are beginning to see the benefits of building residential elevators as an addition in their house interiors. This growing interest somehow yielded an average total budget of $15,000 to $16,000 for elevator installation cost. Given that home elevators are not a very popular add-on, there are very few visible examples of an installation package that deviate from this median price range.

It is important to consider that this cost scale describes the most generic type of elevator used by homeowners. Hence, for standard reference purposes, this article will talk about an ordinary decent-looking hydraulic elevator measuring an interior space of 15 square feet with a weight capacity of 500 to 1000 pounds.

Key Facts and Concerns

• Cabin & Vertical Shaft

The two main structural components of building an elevator include the average 6 to 10 feet high cabin and a vertical shaft with an average dimension of 45 by 52 inches. One should take note is that the cab must have the following: a light, handrails, telephone fixture and a control panel with the emergency lighting system.

Apart from the average span of the vertical shaft, specific numbers should meet or exceed the requirements of the National Safety Codes for Elevator Safety. Residential elevators prices oftentimes varies whenever some homeowners include extra mechanisms like infra-red sensors (among other security technology).

• Electricians & Carpenters

Since elevators are precision machines, you must consider the assistance of professionals. A consultation with the architect will enable you to authorize your preferred design while ensuring the approval of a building agency. Indeed, consultation and appraisal are included in your overall projected budget.

A licensed electrician will charge between $75 and $200 per hour for the work needed in putting together the wiring and conventional fixtures. The cost needed for the services of carpenters building the elevator cabin and the vertical shaft comprised a portion of the overall installation charge. For simple two-story structure, the site preparation costs roughly $3,000 or less. Costs may vary significantly if the cabin is already pre-made or put together from scratch.

• Building Equipment

Apart from the bolts and nuts that make up the vertical tunnel and the elevator cabin, your responsibility also includes providing the electrician with the necessary cables and fixtures. For the primary power supply, you need to acquire a single 230 volt 30 AMP disconnect. Circuit breaker for cab lighting requires a single 120 volt 15 AMP disconnect. You also need to acquire a phone line with pigtail, GFI outlet and light fixture with a wall switch.

• Mass & Velocity Beta Testing

In terms of knowing if the overall design and measurement qualify for full functionality, remember that home elevators should succeed its average capacity. Your elevator’s hydraulic system must be able to lift roughly 950 pounds of weight up to 40 feet in 60 seconds. These precise figures can help facilitate certain structural adjustments. 

Advantages and Return On Investment

The return on investment deems every elevator installation cost worth it. Here are the number of clear advantages you can experience when you put up home elevators:

• Senior-friendly home

If you are considering to remain in your residence for a lifetime, it is also important to think far ahead. When you reach a certain twilight age, climbing up the stairs may be out of the question. An elevator eliminates the risks and hassles of getting on either floor while walking on a cane or a sitting on a wheelchair. Retirement homes are the last biggest investment in a person’s life. But just by simply having an elevator, you can retire without suffering the emotional toll of being parted from the home you cultivated for decades. Most importantly, you have just saved an average cost of $6,965 per month in a retirement home.

• Convenient for heavy lifting

In fact, you don’t even need to reach the ripe senior age to appreciate the ease. Elevators make home-sprucing trouble free. Case in point: heavy objects like television sets, large potted plants or sofas is easier relocated to and from different floors via an elevator than hauled along the staircase. Few people can afford the luxury of rearranging furniture and other weighty home necessities between floors in a year or two due to the hazards of a staircase. With home elevators, save $315 per hour hiring a removals company to haul heavy objects around your house.

• Efficient interior space

Another key return on investment for a seemingly expensive home elevator price is the optimal space you can keep when installing home elevators. They only occupy a fractional space in your home, just like a spiral staircase with an obvious capability to move around heavy objects. Putting up a decent staircase would occupy an increased lower ground interior space. In fact, a wide staircase would occupy a single auxiliary bedroom. Home elevators can spare you $40,942 average cost for room addition on lower ground premises. 

• Medical tax discounts

You can substantially decrease overall residential elevators prices if you or any member of the household is eligible for medical tax discounts. Progressive or chronic medical conditions verified by a licensed physician can enable one to write off a portion of an investment for a year.

Case in point: if you have an annual income of $150,000 for a budget of $15,000, you will only pay an average of $3,750 for the entire home elevator price. It is important to take note, however, that an eligible homeowner should have 7.5% or more medical expenses in their annual income. Anything less will disqualify a prospective candidate.

Labor Cost Discount Per City

These labor cost discounts are comparative to the national average. Here are the specific locations arranged accordingly:

Stuart, Florida = 21% less

Albuquerque, New Mexico = 14% less

Corvallis, Oregon = 13% less

Longview, Washington = 8% less

Dayton, Ohio = 7% less

North Charleston, South Carolina = 6% less

Sandy, Utah = 6% less

San Antonio, Texas = 4% less

Raleigh, North Carolina = 3% less

Jacksonville, Florida = 1% less