In part one of our three-part series, we took a look at why you may benefit from a home elevator. Once you’ve decided an in-home elevator could solve a lot of concerns, you have another important factor to consider: cost. Part two of our three-part series on home elevators dives into what’s involved in the cost of them.

What Does An In-Home Elevator Cost?

Depending on the type of home elevator you want, the minimum cost is typically around $20,000 and can easily exceed $50,000 in some situations. This price could be much lower if you’re installing the elevator in a newly constructed home rather than retrofitting it into an existing home, since the construction can be designed around it. It’s also important to note these price ranges include all materials, labor and construction costs so there shouldn’t be any additional surprises. If you find the cost daunting, don’t be alarmed: there are many federal grants, corporate-level discounts, and non-profit funding sources for home modification.

The types of elevators you can choose from include:

  • Cable elevators
  • Chain elevators
  • Hydraulic elevators
  • Pneumatic elevators

Most homeowners opt for cable elevators since they are most cost-effective and serve the purpose. Plenty of variables go into the exact cost of a home elevator for your residence, so be sure to get a detailed quote from your expert.

Compare Alternative Options Before Deciding

While it’s understandable that you may not have $20,000+ lying around, consider the other costs associated with having limited mobility. A chair lift could be a viable option for some people, but they come with challenges and limitations of their own. 

How about living in an assisted living facility? The cost could be anywhere from $800 – $3,000+ per month.

When you look at it in these terms, a home elevator is not only more affordable than other options, but it allows you to live in the comfort of your own home without mobility limitations and possibly without a full-time caregiver.

While the cost of a stairlift may seem more aligned with your budget, take a long look at a home elevator. From the mobility benefits to the boost in home value, it makes sense to invest in one from a lot of different angles. Part three of our three-part series at Next Day Access discusses what to expect when it comes to the installation of your new home elevator.