Installing a home lift is the ideal way to improve the comfort and style of your property, and make movement between floors as convenient and accessible as possible. Its presence is sure to make your life easier, however, you may not realise just how beneficial this addition could also be when it’s time to move out. A home lift is becoming an increasingly coveted property feature of real estate, and has the potential to be a hugely profitable investment which adds significant value once you decide to sell.
How much value will a lift add to your property?
It’s impossible to say exactly how much a home lift could increase the worth of your property, as this figure depends on specific factors regarding your home and the lift itself. This figure could also change over time. However, current estimates suggest that homeowners may generally receive a return of around 50% of the cost of their home lift, though some may see the value of their property grow by up to 25%.
Why do lifts add value to property?
1. Lifts benefit the retirement market
Perhaps the most significant reason lifts have become so valuable is the expanding retirement market. The baby boomer generation are now moving into their later years, and looking for home to see them through the rest of their lives. As such, they are looking for future-proof places to live, with lifts offering a fantastic way to ensure their homes will always be accessible in the face of any personal mobility issues.
Stairs can be a significant barrier to free and easy movement among the elderly, so it’s unsurprising that a House of Commons report found that 61% of older people wanted to move into a bungalow. However, Parliament also concluded that these types of housing are in short supply. This is even more significant when you consider that people are living longer than previous generations, and the likelihood of becoming disabled or experiencing chronic health conditions increases with age.
A home lift solves the problems posed by stairs, enabling retired residents to live independently in multi-storey buildings. Therefore, homes with a lift installed are immediately more valuable to elderly buyers, as well as the disabled who also require long-term, accessible properties. For instance, our incline and step lifts are ideal for wheelchair users.
2. Lifts are ideal for transporting household items
Stairs can be hugely impractical when it comes to transporting household items. Whether it’s a heavy suitcase that needs to be brought downstairs for a holiday, or a piece of bulky furniture going up to the first floor, a lift means that you won’t struggle. It can also help when your hands are full. For example, a pile of laundry can be carried upstairs while a vacuum cleaner is sent up in the lift, eliminating the need for multiple trips.
The average buyer may not necessarily envision a lift as being such a key feature of their dream home. However, considering how helpful it can be when it comes to decorating, childcare, chores and more, a building with a lift is an attractive prospect for buyers given all the time, stress and physical effort it could save in residential properties.
3. Lifts are a luxury design feature
Lifts are undoubtedly valuable for practical and functional reasons, but they also act as a glamorous, eye-catching design feature. As lifts certainly aren’t common in residential properties, installing one is an easy and effective means of ensuring that your home stands out.
There are plenty of home lifts available on the market which means you’re no longer limited to the clunky industrial styles of the past. You could choose a sleek, simple solution that blends in with the aesthetic and colour palette of your property, or make it a focal point of your home by selecting a luxury lift or even a bespoke design. Whatever shade, material and finish you decide upon, a home lift is sure to add the wow-factor to your property, and impress prospective buyers.
Contact us today to enquire about installing a home lift and increasing the value of your property.