How to Budget for your Residential Elevator

In our last blog post, we looked at the different types of residential home elevator installations. This should have given you an idea of the residential elevators that are available and which is best suited to your home environment and personal needs. Next, you need to factor in all the other considerations that will affect your budget.

Is it a new build or a retrofit?

If you’re in the early stages of new home construction and want to add an elevator, this is ideal. The elevator installation can be part of the building plan, which gives you and the builder more options and allows for seamless integration. An electrically-powered elevator installation would be more economical for undergoing constructions compared to a retrofit, where walls might need removing and concrete excavating, which can get expensive. To counter some of the costs of retrofitting, consider an MRL installation that doesn’t use up as much space and removes the hassle of adding a separate machine room.

Where do you want to install it?

If designing a new build, you can install an elevator practically anywhere, as there are no tangible barriers. In existing homes, there may be location limits, particularly if you choose a hydraulic elevator, which has not only has a contained design but needs ample space. Pneumatic lifts, on the other hand, have a lot more flexibility as they’re not limited to outer edges. The location may affect your elevator choice, so consider this when you are planning your budget.

What size is the house?

The main question here is how many floors do you have? Most residential elevators are designed for two-storey houses, which means they have two stops. If you need additional stops, each can add about an extra $10,000 onto the overall cost.

What size does the lift need to be?

As well as house size, you also need to take into consideration cab size. How many people does it need to hold comfortably? Will it need to accommodate mobility equipment? If so, wheelchair lifts may need more space and will require an accessible location. It’s also worth thinking about configuration, especially for mobility elevators - do you need an opposite entry and exit for maneuverability ease, or is the same side sufficient?

What is your cab style preference?

To blend in with your interior, you can customize your elevator car as much as you like. Stay plain with a metal or glass facade, or opt for a stunning hardwood finish with an intricately patterned ceiling. As expected, the more design elements you choose, the higher the cost. If you want your lift to make a statement, there are several ways to add a decorative touch. At Ascension Elevators, we offer custom installation and are happy to go through the different design elements with you.

Have you factored in maintenance costs?

Some elevators will require more maintenance than others, and you should factor this into your budget. Home elevators should be serviced twice a year to ensure everything is in full working order - chat with us to find out more about our maintenance package. Consider as well, energy-efficient solutions such as LED lights and automated control systems, which will not only keep running costs down but also reduce the need for repairs in the future.

This is by no means an exhaustive list, but it should give you a good indication of factors to consider when planning your residential elevator budget. For further budget help and advice, get in touch with our elevator installer team, who will be able to help you with a financial plan tailored to you.