How Much Does a Home Elevator Cost in 2024?

With more homeowners choosing to live in their homes longer, it makes sense to make multi-level homes accessible. We also need to consider the functionality of our homes for multi-generational families. Even though residential elevators have the reputation of being a luxury item, today’s reality is that the cost of a home elevator can be more affordable than the expense (and headache) of moving. Let’s look at how much home elevators cost and how they can elevate your life.

Average Cost of a Home Elevator

The number one concern homeowners have when it comes to home elevators is the cost. The average starting cost of a home elevator is in the low $30,000, with variations based on configuration, type of drive, finishes, and upgrades. Explore our detailed guide to understand all factors affecting home elevator costs.

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Does an Elevator Add Value to Your Home?

The short answer? Yes. Elevators open up a whole new level of mobility to homeowners while also increasing the home’s value. Homebuyers will typically view an elevator as a valuable asset. Elevators will also increase safety, enhance your home’s style, and will allow your family to enjoy their home well into their golden years.

Key Factors in Home Elevator Cost

Home elevators come in a wide range of shapes and sizes. In this section, we’ll break down the basic functional elements and design factors of home elevator costs.

1. Site Preparation

Elevators can be installed in new homes or added to existing homes. Depending on the extent of the construction needed to build the elevator shaft and possibly a machine room, this will affect the cost of the total home elevator project. Typically, a general contractor is hired by the homeowner to manage this portion of the job and is separate from the elevator company’s proposal.

2. Drives

Did you know that not all elevators are made the same? There are multiple motors or drives to choose from, such as electric or hydraulic drives. Hydraulic drives use a piston to raise or lower the car. Electric drives include the inline gear drive and winding drum drive. The benefit of an inline gear drive is that it does not require a machine room. Often the layout and construction needed to modify your home will dictate the type of drive you choose.

3. Configuration

When planning for a home elevator you should consider how you want to enter and exit each floor. The most common options are a standard single opening, 90 degrees, and straight through whereby you have 2 opposing doors. This selection will be determined by the house layout and an understanding of how the main user will need to access the elevator. For example, the straight-through option is beneficial for wheelchair users, so there is no need to back on or off the lift. You also need to consider how many floors your elevator will serve and the total distance it will need to travel.

4. Finishes & Fixtures

The right home elevator should match your home’s style and can be tailored to your design preferences. The elevator car is often made of wood panels that come in various styles, wood species, and stains. The fixtures of your elevator include operating panels, recessed telephone cabinets, hall calls, and handrails. From material to color options, these fixtures are customizable to match your home’s design.

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5. Upgrades

When shopping for your home elevator it is important to consider your future needs. Adding options like a power gate operator will allow you to easily open and close the gates automatically and with little effort. Also fitting your elevator with a grandparent switch will allow users to have only limited access to the elevator, a valuable safety feature.

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