26 Oct Is It Cheaper to Install a Home Elevator or Move?
The holidays often bring families together in the house where everyone grew up. They can also bring a hard realization. The stairs that once felt like nothing now feel like a daily obstacle, and the bedroom upstairs is getting harder to reach. At that point, many homeowners face a big decision: should we add a home elevator, or should we sell and move to a single level home?
There is no universal answer. The better choice depends on your home, your finances, and how long you plan to stay. Comparing the full cost of each path, not just the sticker price, can make the decision clearer.
The hidden costs of moving
Moving is often treated as the simple option, but the expenses add up quickly. Common costs include:
- Real estate commissions and seller closing costs
- Repairs, updates, or staging to prepare your current home for sale
- Buyer closing costs, inspections, and appraisal fees on the new home
- Moving company fees, packing supplies, and possible temporary housing
- Changes to your mortgage rate, property taxes, or insurance
A new home may also need its own accessibility updates, such as grab bars, wider doorways, or a ramp. Depending on your circumstances, IRS rules on the sale of a main home may affect the tax picture, so it is wise to speak with a tax professional.
Then there are costs that do not appear on any closing statement: leaving a familiar neighborhood, trusted doctors, friends, and a place filled with memories.
What goes into the cost of a home elevator
Home elevator pricing varies with the design and the work needed to fit it into your home. Key factors include:
- Drive type, such as hydraulic, traction, or pneumatic vacuum systems
- Number of floors served and the distance traveled
- Whether a shaft must be built, or whether a shaftless model fits your layout
- Electrical work, finishes, and cab size
- Permits, inspections, and ongoing maintenance required by state and local rules
Residential elevators are typically subject to safety codes such as ASME A17.1 and to state or local inspection requirements, which a qualified installer should account for in your plan. IRS guidance notes that elevators generally add value to a home, which can affect how much of the cost may qualify as a medical expense.
Do not overlook other options
A full elevator is not the only way to stay in a multilevel home. Depending on your needs and layout, a vertical or inclined platform lift may provide reliable access at a different price point. Some families combine a platform lift with a first floor bathroom update. Our article How Do You Know If Your Parent Needs a Platform Lift or Home Elevator? can help you think through which option fits, and our home elevators page shows the models available.
How to compare the two paths
- Get a written estimate for home accessibility equipment that fits your house.
- Ask a local real estate agent for a realistic estimate of selling and buying costs.
- Consider how many years you hope to stay in your current home.
- Talk with your doctor or an occupational therapist about your current and future mobility needs.
- Talk with a financial or tax professional about the long term impact of each choice.
With real numbers side by side, the decision becomes far less overwhelming.
Find out what staying home could look like
Before you list your house, let Lift-Aids, Inc. assess your home and provide a detailed estimate for a home elevator or platform lift. We are family owned and have served North Texas since 1968. Schedule your estimate today and make your decision with clear, accurate information.
Request your estimate with Lift-Aids, Inc. today
Sources: IRS Publication 523, Selling Your Home, IRS Publication 502, Medical and Dental Expenses, ASME A17.1 Safety Code for Elevators and Escalators, National Institute on Aging, Aging in Place
Disclaimer: This content is for general informational purposes only and does not constitute safety, engineering, or regulatory advice. Equipment selection and outcomes vary based on application, environment, and usage.