08.04.2019 - Monday

The Importance of Elevators in the Revaluation of a Building

Homes with elevators are becoming more and more common as the days go by. As we have mentioned in our previous blogs, elevators are synonymous with comfort, accessibility and modernity. So, whether during revaluation or buying of a house, the presence of an elevator can make or break the purchase. 

On a global scale, research has found that, whether the house has a lift or not, is the penultimate factor that is taken into consideration. This is because, for example, in Europe, re-sellers will be able to increase the price of the property up to 40%. Which is an amazing increase. 

For the evaluators the, there are number of factors to take into account when it comes to buildings that have elevators in them.

All elevators are, logically, not the same. And the same goes for the buildings themselves. 

Here are the factors that are considered while revaluation of a house with an elevator

Building height

Installing an elevator in a building with 3 floors and a building with 10 floors is different. With 10 floors, the elevator becomes necessary, at the same time with a higher building, the forklift system that is to be installed will also increase, thereby so will the revaluation as well. 

In one more example from abroad, the revaluation is done in such a way that when there is no lift available, the value is 1% or 2% per floor. However, if the building has an elevator, it goes up to 18% more. An elevator in taller buildings can help to increase value of the attics, terraces and/or roof accommodations of the property. 

Area covered 

Depending on the area that the building or apartment is in would also make a difference. If the other buildings in the area have elevators, then this would be a required factor. In this case, not having an elevator can reduce the building’s valuation by up to 27%.

Building Age

Before the building revaluation is considered, the age of the building plays a huge role in whether it can withstand an elevator shaft being carved into it. Older buildings are often ill-equipped to install elevators. The feasibility of the elevator can make a great difference on the value of the home.

If it is possible however, this will add great value to the building and turn out to be the personification of a face-lift.

Type of elevator

The type of elevator used in the building make a difference while revaluation. If the model of elevator is outdated or requires a lot of space can deter the cost of the revaluation. Elevators in trend at the peak of technology, can increase the value of the building up to 5%. 

Aesthetic element
The look and feel of the building with the elevator also play a part. The elevator should merge with the building’s overall aesthetic. Sometimes elevators with an exterior design that are in uniform shades, white or black, tend to fit better with an old 

The installation of elevators as a factor of revaluation

In this day and age, when amenities are important and play an important part in buying a home, while revaluation, these same factors should also play a part. In which case, the presence of a lift offers more comfort for the residents.

 Additionally, for people with mobility or heart problems, or senior citizens, it has become more and more of a must. 

In a day and age with the world is growing both vertically and horizontally, it makes more sense to help the people trying to go up with top-class lifts and home elevators. Reach out to Cooper Elevators for your requirements.