The average starting cost of a commercial elevator installation is $55,000 in the year 2021. A residential elevator installation typically costs $30,000, according to Fixr.
Cost To Install Commercial Elevator
- Starting installation costs: $50,000-$60,000
- Average starting cost of a commercial elevator: $55,000
Any building with multiple floors and a decent amount of foot traffic may be required by law to make all areas accessible. This means the installation of commercial elevator(s) is a necessity. Properties such as office buildings, schools and medical facilities all need a working elevator. Of course, the installation of these valuable machines will be costly. Many factors go into estimating the total cost of this project. For instance, the specific layout and space available within your building is a crucial factor towards total cost.
Building designers are bound by various lift design and capacities for any commercial elevator installation projects. Most office buildings will have an elevator weight capacity of about 3,500 lbs. Residential elevators, meanwhile, tend to have a capacity of at least 1,000 lbs less than commercial machines. The amount of elevators needed in your building will vary, obviously, based on how many floors and typical traffic in the building. For every 45,000 square feet, one elevator will need to be installed in an office building. Hotels typically need one elevator for every 75 rooms, while apartment building requirements will differ for every 60-90 units within the complex.
Cost To Install Residential Elevator
- Home elevator costs: $2,000-$60,000
- Average installation cost: $30,000
- Price of additional equipment: $1,000-$4,000
Just like commercial installations, there are many factors that can influence the total cost of a residential elevator installation. Residential elevators are much smaller, generally weighing between 500-1,000 lbs. These elevators will use either cables or hydraulics for movement. Home installations can be tricky, of course. Limited space can cause the installation to take longer and drive up costs. An elevator professional must install the car, cables and the entire electronic control system.
For homeowners looking for a cheaper option, chairlifts are a great alternative. These installations will rarely cost more than $4,000 total. The only additional costs here will deal with having to a hire a contractor and electrician for the project. Obtaining necessary permits must be done before the installation begins.
Home Elevator Benefits
- Increases value of the home
- Saves space
- Enhances home safety
Installing a home elevator is becoming more and more popular in the U.S. And, there are many more reasons to install a home elevator other than convenience. A home elevator will undoubtedly increase the value of your home, making this a worthwhile investment. It will also enhance the safety of your home, especially when your home contains handicap residents and/or a senior citizen. Elevators will save space, especially compared to a large staircase within the home. If cost is the biggest drawback to this project, then consider adding a chairlift instead.
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