Do you think that having an elevator in your home is a luxury? For some, it may be, but the price has gone down significantly over the past ten years. In the present, a home elevator generally runs about ,000, and this includes both the cost of the elevator and the installation. As many can't afford to move into a new, ranch-style house around retirement, modifying their current home ends up being more economical. Part of this includes adding either a hydraulic or electric winding drum elevator that connects them between all floors of the house.
While the price for a home elevator hovers around the ,000 range, other factors are important, too. One significant factor is increasing the value of a home, and, in nearly all instances, this is what a residential elevator can do. Additional costs include 0 per year for an inspection, which, although not required, is typically recommended, and the amount on the monthly electric bill, which ends up being as much as running other appliances.
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Because building up a home is considered cheaper than building it out, many add a home elevator for themselves or other relatives with disabilities. Others plan for an elevator in the future by having stacked closets. These are closets from the basement to the second floor stacked on top of each other. Take the floors out and they become an elevator shaft. Additionally, because buying a brand new horizontal home costs significantly more than adding an elevator, many opt for the latter option to stay in the same house.
The Price of a Home Elevator
In another sense, a home elevator is still considered somewhat of a luxury item. Those who want the elevator to match the interior of their home often go for custom options. This may include design elements from the rest of the house, such as wood paneling and molding to match the walls or mirrors.
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