Residential elevators are a common addition to newly constructed homes, but what is the cost of installing one? Installing an elevator into a home can be expensive, but by understanding the various costs involved we can break it down into a more manageable figure.
The Cost of Installing a Residential Elevator
In order to get a full estimate of the installation, you must break the process down into parts and take a look at all of the expenses involved.
Finding A Contractor To Designate The Space
The first step is to find a contractor who can help design the space for your elevator. This includes figuring out the dimensions of the elevator and how much it will cost to have them installed. It is important to find a contractor who has experience installing residential elevators and can give you an accurate estimate.
This will typically run you around $2,000-$3,000. That price includes the cost of the design and consultation with the contractor but does not include the cost of having the elevator installed.
Hiring The Installation Company
Once you have found a contractor, the next step is to contact an installation company. This company will be responsible for installing the elevator and will require a fee upfront. They will also require you to sign a contract that outlines the terms and conditions of the installation.
The installation company typically costs between $6,000-$10,000. This price includes the cost of having the elevator installed as well as any required permits or licenses.
Cost of Labor
Now that you have added the cost of the installation company and the cost of labor, you need to factor in the cost of both. The average cost of installing a residential elevator ranges from $8-$10 an hour. So, if you hire an installation company and have them do all of the work, you could end up spending between $14,000 and $18,000.
The Cost Of Installing The Elevator
Once you have found a contractor, it is time to start costing out the installation. This includes figuring out what type of elevator you will need and determining how much it will cost to have it installed. You may also need to order parts or materials, which will add an extra expense to your total.
The average cost of installing an elevator ranges from $5,000-$8,000. This includes the price of the elevator itself as well as all of the necessary materials and installation. Keep in mind that this figure does not include any taxes or fees associated with having an elevator installed in your home.
Price Varies By Size, Type, And Location
The price of an elevator also varies depending on the size, type, and location of the elevator. For example, an installation for a standard residential elevator may cost $5,000-$8,000, while specialty home elevators can range anywhere from $10,000 to $30,000.
Keep In Mind The Cost Of Additional Services
If you have any special requirements or features that you would like your elevator to have, be sure to factor these in when pricing out the installation. You may need to pay an extra fee for features such as automatic opening and closing mechanisms.
After you have determined the price of the installation and accounted for any additional fees and costs, you are ready to begin budgeting for the project. Be sure to add all of your expected expenses – including taxes and licensing fees – so that you can get a realistic idea of how much the entire project will cost.
Cost Of Routine Upkeep
Once your elevator is installed, you will need to make sure that it is maintained and updated in order to keep its users safe. The number one thing you want to avoid is an injury. This includes regular inspections, oil changes, and other necessary repairs. The cost of routine maintenance can range from $200-$400 per year.
Repairing An Elevator Shaft
If you experience any problems with your elevator shaft, you will need to make sure that they are repaired as soon as possible. This can cost anywhere from $1,000-$5,000 and may require the assistance of a professional contractor.
Maintenance For The Carriage
The carriage of your elevator also needs to be maintained. This includes things like replacing the cable, cleaning and lubricating the moving parts, and checking for wear and tear. The cost of routine carriage maintenance can range from $100-$300 per year.
Installing a residential elevator can be a costly project, but with the right planning and preparation, you can minimize your costs and enjoy a smooth installation process. Be sure to keep all of your expected expenses in mind when budgeting for your elevator project, and don’t forget to factor in the cost of repairs and maintenance.
