Advantages to Home Elevators
- Convenience
A home elevator makes it easier to get from one floor of your home to another. Imagine not having to carry bags of heavy groceries up the stairs, or carrying boxes of holiday decorations from the attic down the stairs, with a home elevator you could simply get in the elevator and push a button, not having to use the stairs makes your life much easier and safer.
- Fits in any multi - floor home
A home elevator takes up about ¼ of the space of a staircase. We can add your elevator to a home that is under new construction or renovation or we can retro fit to suit your needs. Your elevator can be housed in a shaft or in an open environment.
- Sound Investment
Our research has shown a home elevator can increase your home's value by $68,000.00. It also makes your home ideal for resale to a growing market of older generation buyers.
- Home Elevator Tax Savings
There may be some tax benefits associated with the purchase of a home elevator if the elevator is installed due to a medical neccessity. The purchaser should obtain documentation from their doctor stating that the elevator is a medical neccessity or required for other medical reasons. You may be able to write off a portion of the investment in the year the elevator was purchased from your federal income tax.
More Information on Tax Savings
As the law currently reads medical expenses are deductible to the extent for those expenses only above 7.5% of income, with certain other restrictions. Therefore, medical "expenses" above 7.5% would be eligible for deduction.
Tax Savings Example
Assumptions = Medical expenses of $5,000, Elevator Cost of $20,000
The homeowner has a yearly income of $150,000 and normal "other" medical expenses for the year of $5,000
Cost of elevator = $20,000 that qualifies with a doctor's note the owner could write off for tax purposes enough dollars to have a heavily discounted net purchase price as follows:
- Income $150,000 x Medical expense factor 7.5% = $11,250
- Medical Expense ($20,000+$5,000)- Factor $11,250 = $13,750
- Net cost of the elevator of approximately $6,250 ($20,000-$13,750)
As with all tax considerations, we advise that you consult your tax accountant / attorney to determine individual qualification for deduction.
