I am sure that if you where to ask any number of elevator companies they would all agree that installing an elevator or lift in your home or business will increase the property value by at least 10%. Generally that may be true, but there are some factors to take into account when considering if a home or commercial lift is right for you.
Things to consider before signing off on final floor plans and determining property value.
- Are you the only one in the neighborhood with a gold plated toilet?
When doing any upgrade including adding an elevator to your home or business you shouldn’t go above the average of what is common in your area or industry. Let’s face it upgrades are nice, but more often then not you usually don’t get back what you put in. You may think that your asking price of 50k over list in you neighborhood is justified by the 60k gold plated toilet that you had installed, but the reality is you have priced yourself out of the market. In short just keep your upgrades sensible to your market and you should be fine.
- Routine maintenance? Of course!
Besides the initial cost of the elevator or lift unit you also have to keep in mind the cost of upkeep. Regular service can vary depending on if it is a commercial or a residential unit, the type of unit, number of stops etc… The most solid advice that I could give you on this is do your research. Call your local elevator and lift specialist and ask questions. Ask what is included in the service provided, what areas of the lift does it cover. Ask what the cost are and then decide if this is something that is within your budget. If not, you do have other less costly options such as stair-lifts and wheelchair lifts.
- Maybe not now, but later.
If your building a new home, plan for the future. Stacking closets above each other in the initial floor plans is a great way to keep usable space, but also allow for future plans for a home elevator. The cost to have the plans built in for a future lift will be less then having one retro-fitted at a later date. Always think ahead!
Reasons to say “Why not?”
Mobility is the major reason for purchasing an elevator or lift. Our elder population is constantly growing, increasing the need and popularity of lift solutions. Between 2012 and 2050 the US will see the growth of it’s 65 and older population increase dramatically. In 2012 we had a 65 and older estimated population of 43.1 million, by 2050 that number is projected to nearly double to 83.7 million. (census.gov) Planning ahead will help immensely as you age gracefully.
- Many think an elevator is just a luxury.
It is! That is 100% correct, it is a luxury. Considering that many things in life have once been considered a luxury, are now for some a necessity. Take the automobile for example. Once only owned by the fortunate few, now perceived my most of the world as a necessity by means of commerce and business travel. An elevator is still a luxury for many, so why not make it just that. Options for customization are endless, and if you have the means you will have no shortage of luxury with your unit. An elevator not only serves a purpose but could be the centerpiece for your architectural masterpiece or dream home!
- Not just a convenience or aesthetic appeal for home owners.
A commercial business can also increase in value from the benefits of installing a lift. A smart business owner will usually keep many tools particular to their line of work at their disposal. For many a lift would be an invaluable tool when it comes to moving products from shipping docks to warehouses. Multipurpose lifts are ideal for a small business that needs to move heavy orders from one level to another. It will help save on labor and insure the safe transportation of your products.
Will an elevator or lift increase property value? It depends on a variety of factors. If done correctly with proper research and budgeting it will give you an advantage by opening up opportunities in the market that you may of not had before. Resell value is probably one of most debated reasons to purchase an elevator or lift but not the most important one. Mobility. Mobility is what a lift provides and as our needs for mobility increase so will the popularity of home and commercial lifts.