How much it will cost you to have an elevator installed in your home will be based on several factors. While many believe that only the wealthy can afford the luxury of a home elevator, it is much more affordable than you think. Many people are installing elevators in their home for luxury, to increase property value, and to increase mobility.
So what will it cost me?
Depending on the drive system, size, and optional features, having a home elevator installed will run you anywhere from $15,000 up to $100,000. For many, you should expect to pay around $30,000 after installation, or about the same price as a new car. Just like with cars, the more extras you add the higher the price will be. Choosing custom sizes, custom colors, emergency phone, and other optional features, will increase the final price.
What are my options?
When looking for the right elevator for your home, you need to think about how you will be using it and what time of drive system you need. There are three main types of drive systems for home elevators; pneumatic, hydraulic, and cable driven.
Pneumatic – If you are planning on using your home elevator for trips to the basement to get the laundry, a smaller pneumatic elevator would be perfect. Pneumatic elevators are the most affordable type of home elevator because they require no pit or machine room and use very little electricity. They use a pneumatic vacuum system to move the elevator cab between floors. They are perfect for smaller homes where space is limited.
Hydraulic – However, if you use a wheelchair and plan to use your elevator to travel to several different floors, a larger hydraulic elevator would suit you better. Hydraulic elevators are the most expensive type of home elevator because they do require a pit and sometimes a machine room. They are quiet, smooth, and are considered the safest type of elevator. They are perfect for larger homes where a bigger cab is needed for traveling between several floors.
Cable Driven – The last time of drive system is cable driven. They use a small motor, counterbalance, and track to carry the elevator cab between floors. This type of home elevator is popular with people who want to save on energy costs because there are many “green” models that use very little electricity. They are more expensive than pneumatic elevator but generally cheaper than hydraulic.
So for around the same price of a new car you can have the convenience and luxury of an elevator in your home. Just like a car, a home elevator is an investment and there are different models to accommodate for your budget.