Do Home Elevators Add Home Value?

Thinking of installing an elevator in your home or business? Wondering if it will add any value? The short answer is, they do. That’s why you shouldn’t view them strictly as an added home improvement expense but also as a strategic investment in your property, yielding you long-term financial returns.

When looking at the real estate industry, it’s important to recognize that there are several factors that can influence the value of a home or business. One often-overlooked feature that really packs a valuable punch is an elevator. Your first thought may be that an elevator is an extravagance, especially in your home, but they are becoming an increasingly popular addition to homes just like they are in commercial buildings.

A Growing Trend: Modern Conveniences, Big Returns

There’s little doubt that elevators provide several benefits, from boosting guest satisfaction to helping people with mobility navigate to other floors. This growing trend in modern construction offers an alternative to stairs which act as a barrier to those above benefits. That’s why elevators are so important when it comes to restoring independence, accessibility, and convenience.

Installing a home or business elevator, then, is a solid investment that brings big returns over the years even though the initial cost can make you do a double take. Factors such as increased marketability to the potential for a faster sale are all helpful in enjoying a favorable return on investment.

Selling Your Home? Elevators Are an Attractive Selling Point

Elevators are an attractive selling point that can distinguish your home from the rest of the homes on the market. These financial investments pay for themselves if you’re looking to sell your home in the near future. Not only can you stand out from the crowd in a busy real estate market, you can command a higher price for the property if you have an elevator. They can actually add 10 and 25 percent to the value of your home according to recent estimates.

Indeed, homes with elevators sell at a higher price/square foot compared with similar properties that do not have elevators in them.

LinkedIn says that luxury homebuyers place a high value on unique and distinctive features, and a home elevator certainly fits the bill. This is a great way to set a focal point that buyers can’t ignore.

It’s tough to put a number on the actual value elevators can add in your case. This depends on the home, and what potential buyers value. Some people would be turned away from an elevator if they don’t want to be bothered with the upkeep or have small kids and consider it unsafe. However, most people find elevators to add a value to any property and will pay for that convenience.

Contact Mowrey Elevator

Now that you know just how much value a residential elevator can add to your property, it’s time to consult with our experts who can design and install it! Contact us today for a free quote. We can install anything from stair chairs and dumbwaiters to full-service elevators and wheelchair lifts.