How Do Home Lifts Affect Property Value?
If you’re a homeowner, chances are that you put some thought and consideration into any large changes you make to your home. After all, these changes can add value to your property, or they can cause it to decrease. Some changes to your home’s future value will be out of your control, while others will come with a lot less risk, or hardly any risk at all.
How likely is it that a home lift will add value to my home?
Home lifts are one of those additions that don’t come with much risk. If anything, their popularity is only increasing. If the lift serves and fulfils a purpose, is functional, affordable to maintain and compliments the rest of the house, then it’s probably going to add value.
How much value does a lift add to your home?
One thing to consider is that a lift may need to be replaced every 25-30 years, depending on how well one looks after and maintains it. This means that while it may not be an issue in your lifetime, it could quickly become a burden for the house owner after you. The lifespan of the lift should therefore be discussed with the potential buyer upfront, as its age will ultimately result in how much value it adds.
If the age of the lift – and therefore its value – is reflected in the selling price of the property, it should not be an issue. The potential buyer can simply use the money “gained” on the lower property price, to replace it when the time comes.
How will the lift serve a purpose for the new homeowner?
Adding a home lift not only adds actual cash value to your property, but it also adds buyer value by broadening your home’s offerings. Without a home lift, you may alienate potential buyers who have mobility issues, for example. Potential homeowners may also be looking for a futureproof home, one in which they can feel comfortable getting older in.
Aside from improving the ease of mobility within a home, lifts are just nice to have in general. They look luxurious, allow you to transport heavy furniture or luggage between floors with ease, as well as provide quick and easy travel for those days you just don’t feel like taking the stairs. All of these features add value and make your property stand out from the rest.
Is the lift in working order, or does it require repairs?
The quality of the lift you choose also has an effect on your home’s resale value. If the lift quality is high it can last a lifetime, making it more likely to add value in the long run. If the lift is of poor quality or isn’t in working order by the time you choose to sell, it could cause the value to decrease.
Does the lift look good?
You should enjoy your home and customise it to work for you, especially since you have no way of knowing exactly what the next potential buyer will be looking for. However, when choosing which lift to get, be sure to try to match it to the rest of your home’s decor as far as possible. A lift that looks out of place or is painful on the eyes isn’t going to add nearly as much value as one that blends in effortlessly and is a pleasure to look at.
How can I maintain a lift’s value?
The best way to maintain a lift’s value is by looking after it. Be sure to schedule timely maintenance checkups and repair things as they break. This should ensure that you get the highest return possible.