The Home Lift: A Hidden Gem of Adding Value to Your Home

Written by  //  September 8, 2014  //  Home Design  //  Comments Off on The Home Lift: A Hidden Gem of Adding Value to Your Home

According to a recent study published by PEW Research, 57million Americans, representing 18.1% of the total population of the United States “lived in multi-generational family households in 2012”, which means numbers have doubled since the ‘80s, a phenomenon steadily growing in the post-recession era.

Due to the economic situation, increasingly more people choose to live under extended family homes. In 2012 alone, around 22.7% of adults aged 85 and older lived in a multi-generational household. Historically, this is the segment of the population that ranks the highest. Recently however, another segment, this time young adults aged 25 to 34 slightly surpassed the later one, with 23.6% of them living in multigenerational families, same year in the USA.

Investments and Re-usage Instead of Relocation

Increasingly more people prefer to invest and transform their current homes to meet their growing needs instead of relocating. The trend is congruent with the general economic situation: instead of paying exorbitant prices for a relocation, families choose to invest in features that add comfort and value to their homes. Not to mention, more space and ease of access.

Whenever a homeowner thinks of ways to add value for real estate purposes, the most common improvements can be to either create more space by adding an extension or knocking down walls, focus on kitchen and bathroom redesign, better quality flooring or to ensure a good maintenance.

Interior Home Improvement: The Home Elevator

When it comes to second-store households with multigenerational families, an underused asset that can often prove crucial especially for elders with mobility issues is the home elevator. This particular household add-on also serves as great help for mothers handling their youngster in their strollers, most of them living together with grandparents and other family members.

According to a report on housing published by theUnited States Census Bureau in 2013 “the least common accessibility features were elevators (found in 0.2 percent of homes)”. More stats can be found here.

These numbers can be explained by the overall financial and space costs, which used to be higher in the past. However, compared to the price of relocation and the readjustment of prices over the course of the current economic instability, the costs of installing a lift in your home is significantly lower, thus being more affordable. Along with the development of new technologies, many of the old architectural constraints, especially those related to amount of space have been cleared.

Although previously considered a feature available only for financially stable families, the interior elevator has recently become an affordable “home add-on”, meaning it is now more affordable than ever and even families with above average monthly income can sustain the costs. Prices in the US range from USD 21.000 to even six figures, depending to the number of floors you need to connect, size, materials used, type of propulsion and other metrics. For inspirational purposes, you can check the Sprint SE Home Lift from Grant Elevators, a company specialized in home lifts and serviced elevators. This particular example has a minimal pit and needs no separate machine room, overcoming the usual architectural barriers. It is also space friendly and customizable according to the clients’ needs.  

What would it be: relocation or creative ways of making your home spacious and accessible enough to fit three generations under the same roof?

If you want a home that big enough for both your elderly and your youngest members, consider installing a home elevator and maybe an extra room extension. It will surely improve the quality of your life, while also adding the extra mobility factor. Not to mention the increase on value for real estate listings. 

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