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?

Ifyou’re in the early stages of new home construction and want to add anelevator, this is ideal. The elevator installation can be part of the buildingplan, which gives you and the builder more options and allows for seamlessintegration. An electrically-powered elevator installation would be more economicalfor undergoing constructions compared to a retrofit, where walls might needremoving and concrete excavating, which can get expensive. To counter some ofthe costs of retrofitting, consider an MRL installation that doesn’t use up asmuch space and removes the hassle of adding a separate machine room.

Where do you want to install it?

Ifdesigning a new build, you can install an elevator practically anywhere, asthere are no tangible barriers. In existing homes, there may be locationlimits, particularly if you choose a hydraulicelevator, which has not only has a contained design but needs amplespace. Pneumatic lifts, on the other hand, have a lot more flexibility asthey’re not limited to outer edges. The location may affect your elevatorchoice, so consider this when you are planning your budget.

What size is the house?

Themain question here is how many floors do you have? Most residential elevatorsare designed for two-storey houses, which means they have two stops. If youneed additional stops, each can add about an extra $10,000 onto the overallcost.

What size does the lift need tobe?

Aswell as house size, you also need to take into consideration cab size. How manypeople does it need to hold comfortably? Will it need to accommodate mobilityequipment? If so, wheelchair lifts mayneed more space and will require an accessible location. It’s also worththinking about configuration, especially for mobility elevators - do you needan opposite entry and exit for maneuverability ease, or is the same sidesufficient?

What is your cab stylepreference?

Toblend in with your interior, you can customize your elevator car as much as youlike. Stay plain with a metal or glass facade, or opt for a stunning hardwoodfinish with an intricately patterned ceiling. As expected, the more designelements you choose, the higher the cost. If you want your lift to make astatement, there are several ways to add a decorative touch. At AscensionElevators, we offer custom installation and are happy to go through thedifferent design elements with you.

Have you factored in maintenancecosts?

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.