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HOME LIFTS I 05 JULY 2021
The residential market is highly profitable for property developers who plan their projects meticulously. One of the key goals is to bring as much practical and aesthetic value to the property as possible, in the hope that this translates into significant financial value when it comes to finding a buyer. Home lifts are one such asset that can help in achieving this goal. While the costs associated with designing and installing a residential lift can be pricey, the investment can reap rewards in more ways than one.
A home lift is an envied property feature, and has the potential to be a profitable investment which adds significant value. It's not possible to give a specific number on how much value a home lift adds to real estate. This is because this figure depends on specific factors regarding your home and the lift itself, which may change over time. However, we estimate that the value of a property could grow by up to 25%.
What causes this increase in value? Well, there's the general property inflation, yes, but then there’s also the quality of life factor for those moving in. Lifts improve mobility around the house and bring added practicality to day-to-day life, and that’s valuable. As the next point discusses, this added lifestyle value reveals a myriad of potential buyers you may not have thought of.
First up there’s the older buyer: the current, or soon to be, retirees. With age, people naturally become less agile and moving around the house becomes more challenging. Stairs suddenly become less welcoming, which is why so many people within the older demographic gravitate towards bungalows or single-storey properties. A home lift makes multi-storey properties a more viable option for older buyers.
Properties with a home lift are also very attractive for new parents and young families who want to avoid the inconvenience of stairs when carrying a pushchair. It goes the same for pregnant women too — stairs are a killer, because you’re trekking up them for two. A lift will make life easier for those latter months of baby-carrying, and the first two years of push-chairing.
Next, there's anyone with mobility issues or disabilities. Wheelchair users are an obvious example, as a home lift provides a simple solution for moving up and down floors. Beyond wheelchair use, there are a number of less visible conditions that can inhibit a person’s capability of moving between floors, such as problems with vision or balance. A home lift immediately makes a property more accessible for those with such conditions.
Finally, there's the luxury market - people who may not necessarily need a home lift, but want one for their potentially jaw-dropping aesthetic value. Bespoke lifts in particular can provide a striking focal point that gives one luxury home an edge over another.
As Seth Godin says, “people do not buy goods and services. People buy relations, stories, and magic”. This is how storytelling has made its way into marketing. Property sellers have to tell a “tale” in a distinct way to set yourself — and the property— apart from others.
When people are looking around a place, they imagine how they will feel living there. Well-crafted basics like floors and walls are nice, and par for the course in most cases, but an extraordinary feature like a home lift is bound to capture some real attention. This is what most property sellers love, because it is something to talk about when pitching the spaces to buyers. It provides an easy feature to pinpoint and base the showing around.
If you have any questions about residential lifts, please contact us. We'll be happy to answer any questions you may have.
