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Home Elevator

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LadyBeryl

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I am purchasing an existing home built in 1985 and desire to add an elevator to provide access to my elderly relative who will be staying with me. I prefer to add an elevator over a lift or a chair.

It is 2755 sq ft (finished) with 3 levels (2nd floor bedrooms, main floor, unfinished 835 unfinished basement).

Elevator contractors and sales people stress the positive effect of elevators on home values. Are they accurate? Are elevator installations becoming more common?
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July 28 2007 - US
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Robin Lynch, "robin398"

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Stairway options: High-end two-story and three-story homes are often designed with an elevator either installed or provided for in hidden spaces such as laundry chutes and guest closets. The cost has come down to approximately $10,000 per stop. If your home is an older one without a logical place for elevator installation, or you want a more budget-conscious alternative, motorized stair lifts start at around $1,500.
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July 28 2007
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LadyBeryl

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Understood.

1. Elevator contractors and sales people stress the positive effect of elevators on home values. Are they accurate?

2. Are elevator installations becoming more common?
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July 28 2007
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Robin Lynch, "robin398"

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Some house-hunters insist on gourmet kitchens, others on antique moldings or sprawling backyards. Now comes a new, even more ostentatious status symbol for the condo, townhouse and suburban home: the passenger elevator.
This isn't just for the very old or the very rich. Nor is it just for those in very big homes: Elevator vendors say even some people in two-story homes are buying them.

Part of the interest results from the introduction of a smaller, less-expensive model that is much more practical for a single-family home. Called a pneumatic vacuum elevator, it was developed two years ago specifically for the residential market. A basic two-story or three-story pneumatic version will cost $20,000 to $28,000, including installation. Standard lifts run from $15,000 to $100,000.

Both the pneumatic variety and their more-expensive counterparts are increasingly enticing a variety of homeowners, from people who are too lazy to lug the laundry or the kids' sports equipment up the stairs, to those who think the addition is a smart investment that will increase the value of their property.

Then there are aging baby boomers whose interests run to both fashion and convenience: Elevators are cool contraptions -- and it would be nice not to have to take those stairs when they get a little older. Other buyers are retirees who view them as a practical way to stay in their multistory homes.

The increase in sales of residential elevators is outpacing sales for apartment and office buildings at some companies, though sales overall are far smaller. In the past three years, Otis Elevator Co., one of the biggest elevator-makers in the U.S., has seen sales for individual homes or condos jump about 12% to 15% a year, compared with 3% to 5% a year for office and apartment buildings.
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July 28 2007
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LadyBeryl

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Very helpful information.

Does the installation of an elevator help resale?
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July 29 2007
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Robin Lynch, "robin398"

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In multi-level houses, installing a residential elevator or stair lift can allow many homeowners to stay put longer, while adding a touch of convenience and boosting the resale value.
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July 29 2007
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GollyGeee

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I have only been in 3 homes ever with elevators. They were very high end homes. I don't think it will add value, but it may make the house a posibility for someone who may not consider it. (And they didn'e look like elevators either, just closed doors)
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July 30 2007
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Rob Robertson, "Mortgage Broker"

San Jacinto, CA

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Call a local real estate appraiser. Look at your last appraisal that was done on your property and give that individual a call.

If you cannot contact that individual, look in your Yellow Pages.

Elevators are very rare in multi-story homes for all but the highest-end homes.

Again, contact your local real estate appraiser.

Good luck!
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July 30 2007
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KonaKid

Westlake Village

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We just finished adding an elevator into our house in SoCal. It's a $28K pneumatic with an additional $17K to finish off the shaft that was built into the house 15 years ago. The original contractor went bankrupt and the system was never finished, before now.
The elevator runs really fast (four stops), quiet, and doesn't require an engine room. The other nice thing is since it's inside the confines of our home, it didn't require LA County or our HOA's approval. The big selling point was at the IHOP in Big Bear and hearing a kid looking through a local Real Estate magazine say, "Mom, this one even has an elevator!"
We expect to get all our money back, when we sell, but really see it presently as a useful (groceries are now a breeze) tool and not something that is only a value increaser. You have to pay for and maintain an additional phone (elevator dail-out) line and have it all checked out once a year. See you at the top!
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August 28 2007
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Justyn Kearney, "Justyn Kearney"

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It is not very common. I don't think you will see a full return on your investment, but it does add value. The bad part about installing one I would say would be in terms of resale, you are now catering to a very small group of people that feel the need or the use of an elevator. It will also turn some people away from your home. You are going to be catering to a niche market, how big that market is, I couldn't tell.
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August 28 2007
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weeber

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Being anelevator expert myself I would encourage you to install an elevator only if you are in a high end home or if an infirm person will be living in that home. While an elevator will enhance the value of the home, I'm not sure that it will offset the cost of the elevator installation or the building modifications needed to accept this unit.

An earlier writer expressed the availability of a pneumatic type elevator. As an elevator professional I would advise you to steer weel clear of that type of equipment. In my opinion safety could be a major factor with such a device.

The two most popular types are winding drum types of machines (the most affordable) and hydraullically driven units which are more a bit more expensive but deliver a superior ride.
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August 28 2007
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Marci Reinheimer

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weeber, just out of curiosity, what does it cost to install one (ballpark)?
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August 28 2007
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teardowns dotcom, "Teardowns.com"

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In my area, elevators are fairly common in both new construction SF homes & condos. But then, we are talking about some homes that are selling for $900-$1,000 per square foot.

I have seen some elevators in older homes, but to be honest, I don't see a full return on the investment, and I have heard some buyers consider them a detriment, or one more thing to maintain or fix when it breaks.
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August 28 2007
 

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