Adding a residential lift to your home comes with plenty of practical benefits, such as ease of accessibility, improved comfort anding a sense of style to your property. While Home Lifts might not be the most popular site in South African homes, it is becoming an increasingly coveted property feature of real estate.
Especially in markets with older demographics, and having one in your home has the potential to be an investment which adds significant value once you decide to sell.
How Much Value Will A Lift Add To Your Property?
If you’re looking for a single Rand figure or percentage value, unfortunately, that is possible, as there are so many other factors that influence the value of a property. It’s not practical to provide set figures when you have to consider so many variables.
If the area you live in has an elderly population and there is a real shortage of specialist housing, you could get a premium for your home. If we consider data from more developed markets like the US, UK and Australia, [1][2] some reports state that Home Lifts can attract bids of up to 25% over the asking price.
Why Would A Home Lifts Add Value To A Property?
When you think of value adds to a property, many consider traditional upgrades such as an entertainment area, a pool or perhaps security upgrades [3]. However, Home Lifts are starting to move up the list of amenities that can command a premium in South African real estate markets due to a couple of reasons.
The shift of the baby boomers
The most significant reason lifts have become so valuable in recent years comes down to demographics. We are currently in a worldwide shift that has seen a massive expansion in the retirement market. The baby boomer generation is now moving into their later years and looking for a 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. As people reach pensionable age, they’ve accumulated a fair bit of capital to last for their retirement and are willing to spend it on certain comforts.
A Home Lift enables retired residents to live independently in multi-storey buildings. Therefore, homes with a lift installed are immediately more valuable to elderly buyers looking for a retirement property, as well as the disabled, who also require long-term, accessible properties.
Lifts improve your living standards.
Stairs can become increasingly impractical when transporting household items around, especially when mobility becomes compromised through injury or age. 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 ensures that you or your loved ones won’t struggle.
A Home Lift can also come in handy for household chores when you have to choose between carrying a more significant load or making multiple trips. For example, a pile of laundry can be taken upstairs while a vacuum cleaner is sent up in the lift, eliminating the need for numerous trips.
When you consider how many round trips you need to make while keeping up a home, you can see how helpful it can be to have a Home Lift. Having easy access to every floor during times of decorating, childcare, chores and more can make a Home Lift an attractive prospect for buyers.
Lifts are seen as a luxury
Due to their rarity in residential homes, Home Lifts tend to be associated with luxury or glamorous living and offer an eye-catching design feature for any living space. Despite how easy it is to install a home lift in the modern era, it is still an effective means of ensuring that your home stands out.
Today there are so many options available in the Home Lifts 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 build it into parts of your home that make it seem like a more natural feature.
Whatever shade, material and finish you decide upon, a Home Lift will undoubtedly add a wow factor to your property and lure in prospective buyers.
Sources:
- [1] https://www.reallymissingsleep.com/2021/04/can-a-home-lift-add-value-to-your-property.html
- [2] https://axess2.co.uk/can-a-home-lift-increase-your-property-value/
- [3] https://www.remax.co.za/ask-remax/article/what-increases-the-value-of-your-property-the-most/
Contact us for an in-depth consultation
Our product specialists are ready and waiting for your call to discuss your mobility solution needs and can be contacted on 080 73 73 73 7 to set up a free, no-obligation on-site assessment now.
We would also be able to arrange for test drives at clients’ homes so that you can both see and use the Trio Home Lift.
