If you’re considering adding an elevator to your residential home or commercial building, you may wonder if they add property value. The short answer is yes, they do.
In real estate, many factors influence the value of a home or business, and one of those often-overlooked features with a big impact is having an elevator installed on the property. Elevators may have once been thought of as an extravagance, especially in homes, but they are common in many commercial buildings and are increasingly found within residential properties as well.
A growing trend in modern construction, elevators provide untold benefits, from helping those with mobility issues get to other floors to increasing guest satisfaction. Stairs may act as a barrier to these things, which is why elevators are so popular for restoring accessibility, convenience, and independence.
Attractive Selling Point
Elevators are wise financial investments that pay for themselves if you eventually decide to sell your home, for instance. As an attractive selling point that distinguishes your home from the rest, you can command a higher price for your property with the presence of an elevator. Experts say elevators can add between 10 and 25 percent to your home’s value. In fact, homes with elevators often sell at a higher price per square foot as compared with similar properties without elevators.
According to LinkedIn, homebuyers, especially in the luxury market, are valuing unique and distinctive features more and more, and a well-designed elevator certainly fits the bill as a focal point setting a particular property apart.
The actual value an elevator adds will, of course, depend on the potential buyer and what value they see in it. A small percentage of buyers may consider an elevator a detriment because they don’t have a need for it or don’t want to upkeep it. However, the vast majority of people, young and old, find the benefit in buying a home equipped with an elevator due to the sheer convenience.
For example, families with small kids, elderly individuals or those with disabilities are often more willing to pay a premium for a home with the convenience of an elevator.
A Financial Perspective
Installing an elevator in a home or business is a solid investment that can yield big returns. Yes, the initial cost may seem significant at first, but the long-term benefits far outweigh it. From increased marketability to increased property value to the potential for a faster sale, these are all factors that contribute to snagging a favorable return on investment.
Elevators should not be viewed as strictly an expense but more so as a strategic investment in the property, with the potential to yield long-term financial returns.
Contact Mowrey Elevator
Considering a home or business elevator? It’s a great time to add value to your structure, so contact us today to install a wide variety of elevators, from stair chairs and dumbwaiters to full-service elevators and wheelchair lifts.