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Some residential elevators could be eligible for a tax deduction, but your accountant will have the best information for your situation. Since the type of elevator you choose is a primary factor in the total cost, we’ve broken down each type with its associated costs. You’ll have a better idea of what style you might prefer and how it fits your budget - In Home Elevator.

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The cable winds around a drum and raises or lowers the elevator. The drum and counterweight require extra space in a mechanical room, but they’re often used to retrofit homes. The cable needs to be inspected often since regular use can wear it out quickly. This style costs $15,000 to $35,000 on average.

No extra mechanical room is needed, and they operate more quietly than those with a cable or chain. Talk with the elevator company to determine if your home will need a pit to hold the piston or if it can be built without it. You can expect to pay $30,000 to $50,000 for a hydraulic elevator.

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Get free, no-commitment project estimates from home elevator installers near you. Geared traction elevators have a gearbox on the top of the elevator that uses a pulley system to operate the elevator. This style costs $25,000 to $38,000, but it operates slower and can only travel up to 250 feet.

Gearless traction elevators don’t require an extra machine room since the pulleys work on a track inside the shaft with the counterweight - Small Elevators For Homes. The only extra space needed is at the top of the shaft. You can install one of these for an average of $29,000 to $55,000. For another machine room-less option, opt for the chain-driven elevator with a counterweight attached to the chain that moves in the opposite direction of the elevator.

The downside is that this is one of the louder styles, which may not be conducive to a residence. This style costs $27,000 to $62,000 on average. A pneumatic elevator works using a pressurized vacuum system to push the elevator up and down. These elevators can’t be hidden behind walls and are often made of glass, but they’re still relatively simple to add to a house.

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In some cases, a house just may not be able to retrofit an elevator, or it needs to be added on a tight budget. Fortunately, an outdoor elevator is a great solution. It’s built on the exterior with materials designed to withstand the elements and temperatures. Homeowners can access the elevator from the inside in whichever rooms or hallway it’s built against.

Another simple elevator is the shaftless design that can work for two-story houses. This type is smaller than others, so only one person can use it at a time, but it requires less space to be used during a retrofit. All the materials used will be more basic and plain than those used for larger elevators.

Usually, people associate home elevators with one of two reasons: mobility challenges or the desire to have a luxury feature. They’re both quite valid reasons. However, you could also consider adding an elevator to a multistory house for general convenience and to increase the home value. Want to install a home elevator? Talk to a top-rated professional.

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Home elevator costs come at a price, but having a home elevator does offer an increase in your home value. Prospective homebuyers may find them highly appealing during the buying process, too. You can ask an appraiser to assess whether an elevator can boost your property value as you look at renovating your house.

Every home has its unique characteristics. One of those may be multiple floors accessed frequently throughout the day, or perhaps the garage is on a lower floor but the entry and kitchen are much higher. Whatever the reason, adding an elevator can make a big difference in the convenience of your daily life.

Many people may find they prefer an elevator so they can move between levels safely and more easily. Limited mobility or medical issues can create safety concerns for people who are less steady on stairs. Using an elevator helps people move between floors more safely and gives them peace of mind about getting where they need to go.

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That means you could gain back some extra space if you need it by choosing to install an elevator instead of building stairs. Residential Elevator Cost. Similarly, you could add the elevator to the exterior to keep the interior space free as well. Adding an elevator that reflects your personal style is a great way to enhance your home’s interior.