How much does it cost to install a home elevator?

Whether you're preparing for the future, have immediate accessibility needs, or simply want the convenience of an elevator in your home, understanding what's required and how much it will cost can be challenging. In this article, we’ll break down the general costs of adding an elevator to your home and explore the key factors that impact those costs.

While many people have a rough idea of the price of an elevator, it's often the construction costs — such as redesigning, engineering, and building the elevator shaft — that make up the biggest portion of the expense. The location of the elevator in your home may not drastically affect the cost of the elevator itself, but it can significantly impact the cost of retrofitting your home for the elevator shaft.

When considering the addition of an elevator to your existing home, three major factors will influence the overall cost:

1. How many levels are you accessing?
2. What will the elevator impact in your home?
3. Will the elevator be inside or outside the home?

Understanding these factors will not only help you anticipate costs, but also evaluate whether it's feasible to install an elevator based on the available space in your home. Let’s break it down:

Key Factors that Impact the Cost of Adding a Home Elevator

1. How many levels are you accessing?

The number of floors you plan to connect with your elevator directly influences the overall cost. The more levels, the more complex and expensive the project becomes, as more floors will need to be re-engineered to fit the elevator shaft.

On average, every additional floor increases the construction cost of the shaft by 30%-40%, depending on the complexity of your home’s layout. The biggest structural work is required beneath the shaft to ensure proper support, which makes the first two floors (e.g., basement to main floor) the most expensive to retrofit.

As for the elevator itself, you can expect a 20% cost increase when moving from a two-level to a three-level elevator.

2. What will the elevator impact in your home?

Ideally, you want to install the elevator where it won’t disrupt major systems like plumbing, cabinetry, electrical, or HVAC. Certain areas, such as mechanical rooms, bathrooms, and kitchens, are typically no-go zones due to the high cost of rerouting utilities or systems. If your elevator requires major modifications to these areas, expect the price to climb significantly — sometimes by as much as $20,000 to over $100,000, depending on the complexity of the job.

Instead, focus on areas like bedrooms, living rooms, 2+ car garages, bonus rooms, or walk-in closets. These spaces tend to be larger, more open, and free from significant mechanical or electrical systems, making them ideal candidates for an elevator installation.

3. Will the elevator be inside or outside?

After you’ve assessed the first two factors, it’s time to determine whether the elevator will be installed inside or outside. In some cases, especially in smaller homes or where internal utility systems make retrofitting costly, an exterior addition may be a better solution.

Adding an external elevator is usually about 40% more expensive than an internal one, largely due to additional costs for excavation, concrete, framing, and exterior finishes. This cost is in comparison to an internal elevator with minimal impact on the utility systems.

So what are the costs to consider?

Now that you have an understanding of what influences elevator costs, let’s look at the numbers. Here’s a general breakdown of the expenses to help you plan:

1. Design & Permitting, $4,000 to $10,000

This typically covers:

• Design drawings
• Engineering work
• Consulting and project planning

2. Elevator Shaft Construction, $40,000 to $100,000+

This includes:

• Turn-key management of the project from demolition to completion
• All construction work for the shaft and the installation of the elevator

3. Elevator Supply & Installation, $30,000 to $60,000+

This includes:

• The cost of the elevator itself
• Installation by professionals

Conclusion

The cost of installing an elevator in your home varies based on several factors, including the number of floors, the impact on your home’s structure, and whether the elevator will be installed inside or outside. By understanding these factors and planning accordingly, you can make informed decisions about whether an elevator installation is right for your home and budget.

If you have more questions or need specific details based on your unique situation, don’t hesitate to reach out. We are here to guide you through the process!