Home lifts have the potential to improve residents' quality of life while increasing property value. This is especially true because, within the competitive Balearic Islands real estate market, accessibility is a highly valued attribute. Many buyers appreciate the convenience a lift provides for mobility within a property. However, it's common to wonder how much a lift adds to a home's value to determine the viability of the investment. In this guide, we'll tell you how the presence of a lift in your home can benefit its short- and long-term value.
Impact on real estate value
Attractive to future buyers
Lift accessibility helps boost a home's market position. Lifts are particularly attractive to prospective buyers because of the convenience they provide to families with children, the elderly, or people with disabilities.
The more attractive your home is to potential buyers, the stronger your negotiating power will be. So, when it comes to the question of how much a lift increases the value of a home, you should also consider the increase in demand it generates.
Differences between properties with and without lifts
Properties without a lift are less functional than those with a lift for easy access. These properties are distinguished by many reasons, including:
- Properties with lifts are more profitable and can be sold for a higher price than those without lifts.
- A property with a lift makes it easier to transport heavy objects, while homes without one require more effort.
- Buildings without lifts offer less accessibility and restrictions for the elderly or disabled.
- Having a lift in the property also means having higher expenses related to electricity and maintenance.
When evaluating how much a lift adds value to a home, it's more cost-effective to have one to simplify many daily tasks. Furthermore, lifts increase their value and appeal within the Balearic Islands real estate market.
Real estate market data and studies
Over the years, several studies have confirmed the positive impact of lifts on property values. They can increase the value of a home by between 10% and 25%, with some cases reaching 40%. However, this effect on price depends on multiple factors, such as the following:
- Geographic location: Properties located in more accessible urban areas generate more profitability.
- Lift model: Modern lifts that operate quietly and consume little energy generate greater interest.
- Lift capacity: It is recommended that the lift support high weight loads to transport residents easily.
You should also take into account the floor on which the home is located when analyzing how much a lift increases its value, since the higher the floor, the greater the increase in value.
Factors influencing revaluation
Location and characteristics of the building
Urban areas have a higher demand for properties with lifts, especially in high-density downtown areas. This is particularly true because apartments with lift systems help save time and physical effort in everyday life.
On the other hand, the presence of lifts in buildings with a large number of floors is a key factor in increasing their price. These offer greater convenience for residents while adding a touch of modernism to the property's aesthetics, making it look more attractive.
Quality of installation and modernization
Advanced lift systems have a greater impact on how much a lift adds to a home's value. Especially when they are quiet, energy-efficient, and have a high load capacity.
The quality of these facilities helps modernize the building, raising the standard of living and comfort for residents. Consequently, the quality and modernization of lifts has a positive long-term impact when you decide to sell the property. The best part is that even when it's not for sale, these modern systems enrich the quality of life on a daily basis.
Maintenance and general condition of the lift
The better the condition of the lifts, the greater their impact on the property's value. Therefore, a preventive maintenance routine must be planned to keep the lifts in perfect condition. Otherwise, the calculation of how much a lift increases the value of a home will not be as positive.
Preventive maintenance on the lift system should be performed every 6 to 12 weeks. Additionally, a complete inspection should be performed at least once a year. This way, you'll be able to keep your lift in good condition without having to worry about common problems that may arise.
So, how much does a lift add to the value of a home?
Determining the average appreciation rate depends on the factors mentioned above and real estate market conditions. Typically, a home with a good lift system can see its value increase from 10% to 25%. However, other external and internal factors can influence its appraisal and even increase it to 40%.
For these reasons, analyzing how much a lift adds value to a home requires time, patience, and attention to detail. By preparing properly, you'll be able to get the maximum possible return on a property with a lift.
Furthermore, it's important to keep in mind that lifts are a long-term investment that offers future returns and present comfort. Therefore, you can benefit from these systems from the very beginning.
At Eleva Balear we are specialists in lift installation in Mallorca.
Having a lift in your home guarantees greater convenience during your daily routine while strengthening your position in the real estate market. Here at Eleva Balear, we want to help you enjoy these benefits with high-quality equipment. This way, you'll be able to see how much a lift adds value to a home and live more comfortably.
With our specialists in lift installation in Mallorca and lift modernization in Mallorca, we can help you achieve that dream. Contact us to request a quote and learn all the details about our services.
