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Buying a House with an Elevator: 5 Areas to Consider

Buying a House with an Elevator: 5 Areas to Consider

Home elevators have gained in popularity over the last decade or two and now you may find some houses for sale that feature a residential elevator.  When looking at a home with an elevator, you should do your homework to find out if the elevator is an asset for you.

5 Areas to Consider when Buying a House with an Elevator

    1. Who is the home elevator company that services the elevator? First and foremost, you want to know who the home elevator company is that services the elevator currently. While the current homeowner will be able to provide you some information, you will want to know the history of the home elevator, including any repairs done and how often the elevator has been serviced. Has it been maintained properly? Also, this will allow you to get labor rates for future maintenance or service calls to assist in budgeting for the future.

    2. What are the specifics of the home elevator itself? You will want to know the manufacturer and model of the elevator. What is the manufacture date of the equipment? What is the serial number? How does the elevator work, what is the drive system used, hydraulic, pneumatic, electrical etc? Is there a machine room for the equipment that drives the elevator?

    3. Is there a warranty for the elevator? Find out if there is a warranty on the home elevator. If there is a warranty, what does it cover and can it be transferred?

    4. Has the home elevator been inspected? Determine if the home elevator has been inspected and how often it needs to be. Each state is different in regards to how often a home elevator should be inspected. If it requires inspection, who is the agency or company that does the inspection?

    5. How will your homeowner’s insurance be affected by having an elevator in the home? Contact your insurance company to determine how having an elevator in the home may affect your homeowner’s insurance, and confirm what type of insurance coverage you should have for your elevator.

Next Steps

Use our handy Existing Home Elevator Checklist to keep track of any information you learn. If you have determined that this is the right house for you, set up a service agreement with a local elevator service company to ensure your home elevator stays in good condition for years to come.  Your local elevator service company can also help you with upgrades and modifications to assure your elevator fits your needs.

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