Budgeting for an Elevator

Is a new elevator in your future? Are you looking to modernize and make some quality upgrades? If you have done your homework, you know that professional and reliable enhancements take money, and in many cases a significant amount if you’re going to do it right. This may have you wondering how you can best budget for the items and technology you will need. In addition to the upfront costs, you will need to plan for maintenance and inspection requirements on an ongoing basis, too.

Questions To Ask Elevator Manufacturer

Here’s how you can budget for an elevator and what to keep in mind.

Take a Look at Construction Costs

The cost of elevator construction and installation will include the cost of equipment and installation, of course, but don’t forget to include preparation costs. You’ll have to pay contractors and architects as well as an elevator installation company to first determine the specifications involved to take on such a project.

There are hoistway dimensions, machine room requirements, electrical systems, fire systems and safety components to think about, for example.

Keep in mind there will be both upfront and long-term costs involved in protecting your investment over the years. That’s why you have to plan for lifetime expenses that surely will crop up.

Be aware that every elevator has a finite operating lifecycle, so be sure to budget for ongoing maintenance and inspection, as well as its obsolescence. Most elevators last between 10 and 25 years depending on the model and how well you have cared for it.

The average national cost for a home elevator is $40,000. It will depend on what kind of elevator you install, though, in order to come up with a more accurate number for your situation. Hydraulic elevators on average cost $20,000 – $30,000 for the elevator itself, and $40,000 – $50,000 or higher with the installation and labor costs. Because pneumatic elevators are easier to install, you’re looking at a total cost of between $35,000 – $50,000.

Factors to Consider in Your Budget

When assessing cost, keep these factors in mind when it comes to costs:

  • Construction
  • Installation
  • Equipment
  • Downtime
  • Operational
  • Utilities
  • Preventive maintenance
  • Routine repairs and replacement parts
  • Mandated inspections
  • Modernization
  • Size of cab
  • Car design
  • Dimensions
  • Size of home or building
  • Drive mechanism type
  • Elevator type: hydraulic, cable, pneumatic, residential, commercial
  • Style and design
  • Warranty
  • Obsolescence
  • Age-related costs
  • Liability costs

Once you have considered all of the above costs, it’s time to translate these to some hard numbers that you can start crunching. That’s when you should give your local trusted elevator installation company a call.

Contact Mowrey Elevator

To learn more about the elevators and accessories we sell, as well as the prices attached, call us today. We would be happy to help you adhere to your budget.