Purchasing and installing a residential elevator can appear, at first glance, to be a sizeable investment, both in space and in money. That’s fair because it’s true: owning an elevator and having it installed takes time, resources, and space. One of the most important aspects of any investment is its return on investment (ROI). For residential elevators, that return comes in many forms.
You’ll regain lost mobility
With age and injury comes disability and a loss of mobility. It may not always be a certainty, but it’s an eventuality that many have to consider when they plan for their futures. If you’ve been hurt or simply can’t make it up the stairs of your home anymore, an elevator can offer much-needed accessibility.
Many individuals or couples who decide to age in place find that one of their biggest hesitations is to stay in a multi-storied home they can no longer access due to physical limitations; but by installing a residential elevator or chair lift, they can continue enjoying their entire home.
The cost of a residential elevator may be drastically less than assisted living or a retirement community
Of course, a lot more is included in assisted living and retirement community packages, but if your primary struggle is mobility, you may find the addition of a home lift to be the more financially sound option. According to research compiled by SeniorHomes.com, in 2015 the monthly median costs for independent living ranged from $1,709 – $3,777.
For the price of one year living in a retirement community or assisted living, you could afford some version of a residential elevator—and that’s a one-time cost, not recurring. When considering how you’ll want to live past a certain age, be sure to write down what you need and what you want because you may come to find that you need very little adjustment to your living situation.
Going for assisted living or a senior retirement community might include a lot of amenities and services that you don’t actually need (or want) that you’ll most likely be charged for regardless. That only adds to the overall, recurring cost of those options.
Residential elevators are for more than just the elderly or disabled
Having a simple, convenient way to traverse the floors in your home is never an inconvenience. Large families can benefit from a home elevator by using it to move furniture, belongings, or even groceries around. This eliminates the need to carry bulky or heavy things up and down the stairs, which means your family is less likely to fall or hurt themselves in the process.
A residential elevator is easily one of those investments that you’ll be able to enjoy throughout multiple stages of your life. A new mother could walk herself and the baby into the elevator and be let out on the same floor as the child’s room. Teens could load the elevator up with sleepover gear and make their getaway without having to take more than one trip up and down the stairs. A visiting grandparent could take the elevator instead of the stairs if they have trouble with their mobility.
Increase your home’s value
If you are thinking of possibly selling your home down the road, installing a home elevator now while you can enjoy it will let you reap the benefits of one of the ways to increase your home’s value. With more baby boomers reaching retirement and wanting to age in place, homes with elevators are becoming more and more desirable.
Its not only for the elderly or people with disabilities, as 25% of homeowners surveyed by the National Association of Home Builders said that elevators are a desirable or essential feature to a home. In 2001, that number was just at 8%, so residential elevators are trending and being sought after by homeowners.
The list goes on, but there is never a time when a lift can’t be put to good use.
You could read all about why residential elevators are worth it—what really matters, however, is if they’re right for you.
Do you want to grow old in your home?
Would you prefer to keep the memories you’ve made and the place they were created, no matter your age or impairment?
Do you want to increase your home’s value?
If your answer to any of those questions is yes then getting a home elevator is worth the investment.