Home Elevator Considerations

A woman in her late 70s from Portland, Oregon, recently wrote to The New York Times‘ “Ask Real Estate” column to inquire about the financial implications of installing a residential elevator at the three-level home she shares with her husband. She explained that they were considering putting in a lift to allow them to stay there as they age and wanted to know if the elevator would devalue their home and cost too much to maintain.

NY Times freelance journalist Jill Terreri Ramos responded that it’s unlikely the elevator would negatively impact property value (if tastefully done) and pointed to the increasing segment of the population aged 65 and older (sometimes called the Silver Tsunami), which will intensify demand for housing that includes accessibility solutions. She noted that a single elevator can make things simpler than the multiple stairlifts required for a house with more than two levels.

Ramos cites Jackie Haddon, a professional certified to work with seniors by the National Association of Realtors and the National Association of Home Builders, who estimates that installing a home elevator in Portland can cost between US$85,000-US$140,000. It’s important to factor in how long a person plans to live at home. “Almost never do you get your initial investment back for an elevator,” Haddon said.

According to Haddon, another benefit to consider is the cost of the elevator compared with the cost of assisted living, which can range from US$6,000 to more than US$10,000 monthly in Portland. In that scenario, even one additional year at home would pay off. Maintenance costs include a yearly inspection, and some companies offer annual service plans. Ramos does warn that grandparents should be aware that some in-home elevators have been recalled because of safety concerns for children.

Oregon real estate specialist Ben Richardson weighed in, too, saying that he believes an elevator won’t hurt resale value and can help make a property stand out for older buyers — and even younger buyers who may find it “luxurious.”