Determining Your Budget For Your Home Elevator

Photo Aug 07, 2 47 13 PM

Conventional home elevators cost on average, between $20,000 and $35,000. But many factors can affect the final price of an elevator. Choosing a cheaper elevator can be as little as $18,000, and the most expensive can reach a heart-stopping cost of over $100,000. Rise Above Elevators can work within your budget and depending on the specifics of the lift you choose help find cost-effective ways to enjoy this home luxury.

At Rise Above Elevators, we understand that the cost of residential elevators can be a major concern when you are considering installing a home elevator. We created this elevator cost guide to help explain the factors that can influence the elevator prices.

Factors Affecting Average Elevator Cost

$20,000 to $35,000 is a wide range, and there are a lot of factors that will determine where in the range the cost of your home elevator will fall. From the size, finishes, and type of elevator, all play a factor when determining the final cost.

Size

The size of your elevator cab/car can drastically affect the price of your elevator. Going with a smaller cab will help keep the price down. The average cab size for an in-home elevator is 35 inches wide by 48 inches deep. You can have a larger size of 40 inches by 54 inches, but if you really need the space home elevator cars can be up to 18 square feet.

The standard size is plenty big, but if you need to upgrade, be prepared to pay more. The larger the size, the more the elevators costing will increase.

Drive Mechanism

The driving mechanism behind the elevator is a large chunk of the cost. Comparing a full-sized, traditional elevator with a machine room, cables, and pit to a hydraulic elevator or pneumatic elevator that does not require as many moving parts, oils, or maintenance — will cost significantly more than.

Therefore if finances are an issue, choosing an elevator with a simpler drive system could cut costs significantly. Odds are there are not existing spaces available for a machine room, and that would an additional cost to consider.

Types of Elevators

Cost of a Hydraulic Elevator

A hydraulic lift generally will cost between $20,000 to $30,000, but elevator installation expenses can drive that number higher. Unfortunately, hydraulic elevators usually require that a pit and machine room be built, and construction will only increase the price.

Hydraulic elevators are typically larger and allow for higher weight limits. They use a hydraulic arm and fluid to move the elevator cab for vertical transportation between floors. Because of the smoother ride and quieter system, hydraulic elevators are more popular. Wheelchair users would benefit from the large cab space and smoother ride of a hydraulic elevator. Most wheelchair lifts are a form of a hydraulic elevator.

Residential Cable Elevators

If a cable elevator is your preference it will cost you around $25,000. Cable-driven elevators are a middle-of-the-road option when it comes to pricing. Cable elevators with a winding drum system, however, do not provide the silent, smooth ride you would find with the hydraulic drive elevator provides; nevertheless, this system is very dependable.

If finances are limited, having an elevator with a winding drum system could save a significant amount of money, especially on the installation process. Unlike other systems, cable-driven elevators will need a track, motor, and cable system installed, which can take a while for residential elevator installation.

Pneumatic Elevator

Pneumatic elevators are the most affordable home elevator option, costing between $10,000 to $15,000. The excellent benefit of pneumatic elevators is they are self-supporting. Self-supporting means you will never need a pit or machine room. Their simple design has kept the average pneumatic elevator cost in a very affordable range. The elevator shaft of most pneumatic elevators is already pre-fabbed and therefore a quick installation.

Pneumatic lifts utilize vacuum technology to literally suck the elevator cab up to the next floor. Installation is quick and simple since they can be attached to a balcony or fit through a hole in the floor. This is a perfect elevator for those with existing homes who do not want to have a lot of construction occurring.

Pneumatic elevators are offered in a variety of sizes. They range from small, able to fit one person, to larger, being able to accommodate someone in a wheelchair.

Style and Design

The style and design of your in-home elevator is also a price factor. If you are wanting to have it full of details and extra finishing, it going to cost you. So, if aesthetics are especially important, be prepared to spend a little more.

Contemporary pneumatic elevators are not as customizable as traditional driveshaft elevators. Therefore, if you do not care or you do not want the temptation of extra finishings, it is best to choose a contemporary tube elevator for your home.

How Much Does it Cost to Install a Residential Lift in Your House?

Since you have decided to install a residential elevator, you need to determine the cost. To determine how much it might cost to install an elevator in your home, it will help to break things down by component.

While these are only estimates, it might give you a clearer picture of how much it will cost to install an elevator.

Cab: $10,000 to $50,000

Entry Doors: $3,00 to $5,000

Safety Features: $5,000 to $2,000

Electric Panels and Phone Installation: $500 to $2,000

Finishing and Décor: $300 to $1,000+

Inspection: $50 to $200

Regular Maintenance: $75-$100/hour plus additional parts as needed.

These numbers are estimates and subject to change, but they should give you an idea of what kind of installation costs to expect. Having a multi-story home connect is beneficial.  However, know that having more than two floors connect will increase the cost as well.

How Can I Find the Exact Cost of an Affordable Home Elevators?

We would love to provide you with a free quote detailing how much your specific project will cost! Contact us online or by phone and we’d be glad to give you all of the information you need to choose and purchase the right elevator for your house and needs.

Rise Above Elevators will go over the cost, installation, and maintenance with each client. They ensure you have peace of mind when it comes to having your new home elevator installed properly. Therefore, they hire certified installers and mechanics. 

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