Whether you’re a busy family, an aging retiree, or a caregiver for a parent, you may have considered putting in an elevator to ease the physical and logistical burdens that come with running a household. Your next thought, after how convenient it would be, will likely be “how much will it cost?”
It’s a great question, and one that will vary depending on the type of elevator you choose, where you live, what you need it for, and which provider you purchase it from.
Thoughts on Cost
There are many widely varying estimates on cost out there.
RetirementLiving puts the installation cost of a home elevator at about $20,000. This is the labor. The actual cost of the elevator will depend on whether you get a full-blown residential elevator, smaller dumbwaiter or a wheelchair lift. Regardless, you have to think about the costs associated with getting your home ready for the elevator installation.
Keep in mind, retrofitting can run into the thousands, with interior upgrades adding to the price tag, such as wall panel materials, custom flooring and lighting.
While you may perceive the upfront cost as daunting, home elevators do a lot for the value of your property, with some estimates starting at 10 percent of the value of the house.
Home Advisor has a lower take on price, saying the national average for residential elevator or chairlift installation is about $4,400. Most homeowners will spend between $2500 and $6300 on an elevator. However, the type of elevator chosen will affect price big time. For instance, a large hydraulic elevator that is hiding behind a wall can cost up to $75,000.
What Dictates Price?
Two main factors will influence the cost of adding a home elevator: installation and the unit itself. Residential units can cost between $7,000 and $50,000, depending on size, weight capacity, interior cab height, and motor type. Commercial elevators can cost $75,000 and up, depending on the space requirements in the plan for the shaft and equipment.
To figure out how much it would cost to install an elevator in your home, it’s helpful to break it down by component:
- Cab: $10,000 – $50,000
- Electric Panels/Telephone Installation: $500 – $2,000
- Entry Doors: $3,000 – $5,000
- Safety Features: $500 – $2,000
- Finishing and Décor: $300 to $1,000
- Inspection: $50 to $200
These numbers are estimates, of course, but they will give you a better idea of what to expect for your final price tag. These costs are for a standard passenger elevator. Smaller lifts, such as dumbwaiters, will cost much less to buy and install.
As you can see, it’s hard to put a price on one type of home elevator. Ready to discuss YOUR needs? We would be happy to go over pricing and quotes with you. Just give Mowrey Elevator a call anytime.