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Residential Elevator Costs: Are Residential Elevators Affordable?

In Home Elevators: An Investment with Multiple Values

Many customers are disheartened at the price tag of an in home elevator, but they may not realize that residential elevators are more affordable in the long run than they might think.

Affordability refers to the idea that something is within the financial reaches of the customer. However, one factor that plays heavily into the affordability of an in home elevator is its value.

• Increase the value of your home: Modern elevator cars bring beauty and utility to your home. They also bring monetary value to the home. The space that houses a residential elevator car is usually no bigger than a closet, and you have options when it comes to customizing its design. Residential elevators are the perfect combination of accessibility and aesthetics.
• In home elevators may be tax deductible: When you spend money to remodel your home to accommodate a medical need, the value may be tax deductible. Unlike other cosmetic home remodels, installing an in home elevator to increase your mobility may be tax deductible if it meets certain financial parameters.
• Decrease risk of injury: Healthcare can be almost as expensive as remodeling a home. If you live alone with limited mobility, stairs can be more a nuisance—they can be dangerous. Residential elevators greatly reduce the risk of stair related falls, while allowing you to keep your freedom in your own home.

Different Types of In Home Elevators
The price of your in home elevator also depends on what features you would like for the car and the drive system.

The Elevator Car

The features of the car, which range from the practical to the elegant, directly affect the price of the system. Aesthetic options such as acrylic handrails, crown molding, or recessed panels are nice features, but if you are on a budget, you may want to opt for a simpler hardwood veneer panels. Many times, paint and stain options are included with the price of the product.

The Drive System

The drive system is what allows an in-home elevator to move from floor to floor. There are three types of drive systems: cable drum, hydraulic, machine room less, and machine room less gearless.

Depending on your needs, you may need a smoother, faster, or quieter ride. Each drive system is able to perform the basic elevation duties, but they are differentiated by their features and weight capacity. If you have a tight budget, the cheapest option of the four is a cable drum drive system.

Also called a “winding drum,” the cheapest cable drum drive system has a capacity of 500 pounds. They are a quiet monorail system with an emergency battery. In other words, they are safe, compatible with every elevator car, and provide great value for the price.

Professional Installation for Lifelong Benefits

Choose a residential elevator provider with a reputation for matching their customer’s needs with their budget. The right provider understands your mobility needs, and they can work with you to ensure your safety and comfort.