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Daily Real Estate News | November 16, 2006
Home Elevators are Rising in Demand
Home elevators are rising in popularity.
In fact, a quarter of home owners surveyed who had homes valued at more than $1 million listed elevators as desirable or essential, according to a 2003-2004 survey conducted by the National Association of Home Builders. Overall, 8 percent of respondents deemed elevators as desirable, up from 4 percent surveyed in 2001.
"It's still a small number, but it shows the demand for elevators has doubled,” says Stephen Melman, director of economic services for the trade group. “And if that number were to double again, it would be a significant trend."
Indeed, Wall Teich, president of all-Island Elevator Co., near New York City, says people are future-proofing their homes.
“The elevator is for their convenience now, but it may become a necessity later,” Teich says.
Teich says home owners who want to retrofit an existing home with an elevator should expect to spend $40,000 to $50,000, including construction and the cost of the elevator. They also can expect to lose some interior space. Adding an elevator while the house is being built costs about $30,000.
Source: Newsday, Aimee Fitzpatrick Martin (11/16/2006)
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