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how do you value the addition of a home elevator?

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September 27 2013 - Simi Valley
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That's a good point, Debbie.

Geosmith, I think you'd have to consider whether elevators were customary in the type of property you are evaluating. Unusual amenities and a lack of usual ones typically reduce the value. If most of the houses have elevators or sun rooms or swimming pools, not having one would reduce the value.

All the best,
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September 29 2013
Personally, in my area, I have not seen an elevator add much value when it comes to a resale.......certainly  not equal to the original cost of putting it in.

Several new town homes near me offered elevators as an option  (costing around $25,000, a few years ago)...one new complex even included them in the base price as the town homes were 4 & 5 stories high.......when those units come on the market as resales, most buyers say they could care less...and often the original owners say they didn't use them much, if at all,  either.
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September 28 2013
Construction and use of an elevator can assist a homeowner in staying longer in their 2-story home, whereas they may not otherwise be able to traverse the stairs.  As far as 'value,' the addition of a home elevator brings this subject to a new 'level' -- and there are many ups and downs to resale value.  Bottom line, if you need an elevator, put one in.  We are approaching a 'Silver Tsunami', with apx 10,000 Baby Boomers turning 65 today, and about 10,000 more will cross that threshold every day for the next 19 years.  Yours may be the only 2-story home on the block that sells for top dollar when the Sandwich Generation buyer comes around shopping...especially if you don't have any bedrooms and full baths downstairs.  I hope this helps!
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September 28 2013
I would say that if any agency could profit from you having an elevator they will use it to charge you more , maybe hide it as a luxury "tax", and if it has to do with you adding value many will say no.
Double standards ...I guess.

If I was worried about kids playing with it...I would simply make it where it was locked till needed, problem solved...right?

As far as market value it is only to those that need or want one like a pool.
There are many things realtors, assessors, and the like don't take into consideration and deem them not important, but if the buyer is honest about what sold them the house, you would find that it probably was one of those 'not important' features that sold them on buying the house.

After all isn't that what you are looking for when you put a house on the market for sale...to sell it ?
-Joseph-
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September 28 2013
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Hi Geosmith35:   Are you asking how the tax assessor values the addition of a home elevator (as you posted in taxes), or Zillow, or a home owner?

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September 27 2013
Honestly, I would not consider this an addition that you should value. The inclusion of a home elevator may be beneficial to some but not to others. This is something that carries more personal/emotional value, like being close to a good friend. Having helped home buyers and sellers for 10 years now, you'd be surprised at the reason someone might not want an elevator. Two immediate ones that would come to mind; my children could mess around with that and get stuck, and I wonder if my insurance will charge me more for that feature that I do not personally need.
On the other hand someone with a limited ability is going to be as excited about is as if they were moving in next door to a best friend, right?
Good Question!

Please Contact me through my profile here on Zillow if I can assist you with valuation of your home. Zillow is a great community but a good Realtor is more able to share the good and bad about your market value. And someday, you will probably sell your home with the elevator. Why not develop a relationship with someone now? It doesn't cost anything to have established a relationship and ideally a level of trust in someone to provide you with professional assistance regarding one of the most valuable assets most people ever own. And maybe that sound a little like a commercial but I actually mean it. I think people should have their Realtor, just like they have their Accountant or their Auto Mechanic or their Attorney. Have someone who is YOUR Realtor.
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September 27 2013
 
Related Questions
how do you value the addition of a home elevator?
Profile picture for Mack McCoy
Latest answer by Mack McCoy
September 29 2013 | 6 answers
  • Asked by geosmith35
  • In Taxes
  • September 27 2013
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