Wildewood Area. Would adding an elevator increase the value of our home? br

Asked by Sandra Moon, Columbia, SC Fri Mar 29, 2013

We live in Northeast Columbia, SC, in the Wildewood Area. It is a 4BR/3.5 BA. High ceilings throughout, with many upgrades. We have been considering adding a small home elevator if my 91 yr. young mother comes to live with us.. We had our house appraised last year after doing some upgrading and it increased the value by $30,000.. We are on a private street with 11 other homes with a small private lake. I am not sure what one would cost to have it installed since we do not know the extent of construction it would take to have one installed? But, my primary concern is would we loose money on this investment or will it add to the appraised value? If anyone has installed one in their existing home and have any information, I would love to obtain more information. I hope someone can help us with the project. I don't know where to begin shopping for one.

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Belinda Forr…, Agent, Columbia, SC
Mon Apr 1, 2013
Well I'm not sure about the value it would add, but I think it adds to the appeal for potential home buyers. I am working with a family that has some health challanges and we have viewed several homes in the Wildewood area that have elevators, and that was definantly a plus for them. Knowing that they can have access to every level of their home without the added strain of climbing stairs or having to move again as they aged was an important factor. I think if your budget allows for this "up"grade, it would appeal to a much broader target area if you decide to sell in the future.

Belinda Forrest
Exit Real Estate Solutions
0 votes
I appreciate all the helpful information. I am disabled but have not checked to see if there is any assistance available? Also, II do not want to remove the stairs. I just want to add a small elevator for very limited use. I a like the 360 cylinder that you can see through., rather than the one in a room inclosed. But, have no idea what the cost would be or where to find an affordable one?. .We just had our home reappraised last year and it was appraised for $30,000 more than we paid for it 7 years ago. I have a SC Real Estate License and I know this is the exception rather than the rule. But, we are one of the smaller homes and surrounded by million dollar ones which is why we got a higher appraisal and I do no believe it would take long to sell it for the appraised value. But, if can get the elevator, I hope I will not be selling anytime soon. So, if anyone can provide more information on where to find one and and estimate prices and styles, I would love to hear from you.
Flag Mon Apr 1, 2013
Julie Smith, Agent, Columbia, SC
Sat Mar 30, 2013
Many variables to consider. Check with an accountant to see if you may be able to claim a deduction as a medical expense if your mother must live with you and you have no bedroom on the main floor. Do you have the interior space to add one or will you need an exterior addition? I don't believe that you will get much of the cost back when selling as an elevator is just a bonus for a buyer, not usually something anyone searches for. It may though help you sell faster. Another consideration would be to add the type that you install on the stairs. You live in a highly sought after neighborhood and on a lake is a huge plus. If you would like neighborhood comps, I would be happy to provide them to you. You can reach me at jsmithrealtor@gmail.com. Julie Smith, Keller Williams 803-476-6450
0 votes
Liz Cameron, Agent, lexington, SC
Fri Mar 29, 2013
The house value is majorly depends on the sold value of the whole neighborhood. If the money you spent is way over the neighborhood, you might not get all your money back. You can email me at camerongroup73@gmail.com
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