3 floor home lift price

How much does a 3 story residential elevator cost?

A home elevator doesn’t only offer you luxury but also enhances the value of your house. There is no doubt that a stair lift and home elevator both offer similar functions but they are different from each other in terms of their prices and features. And, when it comes to the price of a home elevator, it depends on various factors like the number of floors, elevator style, amount of construction required, type of drive, etc. Typically, a 3 floor home elevator cost is somewhere between $12,000 to $60,000 depending on the type of elevator, and each additional floor costs around $10000 extra on average.

Factors Affecting The Home Elevator Cost

Below given are the key factors that affect the price of a home elevator:

3 storey residential lift price


  • Size of Elevator

No matter whether it’s about 3 floor residential home elevator cost or the cost of an elevator with fewer or more floors, the cost depends on the size of the elevator as well. Typically, A space of 25-40 sq. feet is needed on each floor in order to accommodate the elevator. But if you don’t need to ride with a wheelchair, you can also opt for a smaller-sized elevator (10-15 sq. feet) which is the best option for small houses. Always keep in mind that the larger the size of the elevator, the higher will be the overall cost.


  • Labor

A considerable amount of labor is usually required for the installation of a home elevator and no doubt, this amount is even more in the case of installing the elevator in an already existing house. The labor cost may be anywhere between $500 and $5000. This cost also depends on the kind of elevator you are going to install.


  • Type of Elevator

There are several types of elevator drives to choose from, including cable drive, chain drive, Hydraulic drive, Pneumatic drive, etc. It is quite obvious that a 3 floor residential home elevator price would significantly depend on the type of drive you would like to opt for.

Below we have listed the various types of home elevators along with their comparative costs so that you can easily shortlist the one which fits well with your own budget:


-Cable-driven Elevator

In a cable-driven home elevator, a cable winds around a drum so as to lower or raise the elevator. This type of elevator usually costs $30000 to $45000 on average. It is used in larger buildings as it requires more space compared to other types of elevators.

-Hydraulic Elevator

A Hydraulic elevator requires less space as compared to a cable-driven elevator since it doesn’t need additional mechanical room. Underneath the elevator, there is a piston that lowers and raises the elevator with the use of the hydraulic lift. For this kind of elevator, A 3 floor residential home elevator price usually ranges from $10000 to $20000.

3 floor residential elevator cost

3 floor home lift price

-Pneumatic Vacuum Elevator

This kind of elevator makes use of a pressurized vacuum system for driving the elevator up & down. There is no need for a mechanical room and these elevators are made up of glass. When it comes to the cost of the elevator, it may range from $35000 to $60000 on average.

-Geared Traction Elevator

A Geared Traction elevator comes with a gearbox on its top. The gearbox makes use of a pulley system for operating the elevator. The cost for this kind of elevator may be somewhere between $30000 and $45000.

-Gearless Traction Elevator

When it comes to the Gearless Traction Elevator, the pulleys operate on a track provided in the shaft, thus causing the elevator to have no need for an additional machine room. The average cost for a home elevator of this style is somewhere between $30000 and $55000.

-Vertical Platform Lift

Vertical platform lifts work like a forklift when it comes to the movement of the platform. It’s a great option if you are in need of moving wheelchairs from one floor to another. The cost of this kind of elevator is very low as it doesn’t need much space. It will cost you somewhere between $10000 and $25000.

-Chain-Driven Elevator

In a chain-driven elevator, there is a counterweight tied to the chain, which moves in the direction opposite the elevator. This kind of elevator is another option to consider if you are looking for a home elevator requiring no extra machine room. The cost usually ranges from $30000 to $60000.

-Outdoor Elevator

This type of elevator can be considered to be the best option if you are extremely tight on budget. Though it’s installed on the exterior, it can be accessed from inside of the room against which it has been built. As far as the cost is concerned, it would be somewhere between $5000 and $20000.


  • Installation

There is no doubt that installing an elevator during the construction of a new house is easier than installing one in an already existing house. That’s because the installer has to disturb the existing structure of the house to accommodate the mechanical system when it’s being done on an already existing house. And, to accomplish this task in an efficient and safe manner, it would be mandatory to closely inspect the floors and walls before starting the installation process. The installation process significantly affects the 3 floor residential home elevator cost.


  • Number of Floors

The cost of a home elevator also depends on the number of floors between which the elevator will be meant to navigate. A 3 floor home elevator cost is obviously less than the cost of installing the elevator for 4 floors. As mentioned even above in this article, each additional floor costs around $10000 extra on average. Keeping this in mind, it would be better to get the elevator installed only for the floors that are actually needed so that cost can be minimized.


  • Kind of Equipment

Another crucial factor affecting the price or cost of a home elevator is the kind of equipment you are going to get installed, which is usually determined by the kind of drive shaft. In addition, the cost is added even more if there is a need for an extra mechanical room.


Questions To Ask A Home Elevator Contractor

In order to avoid any possible miscommunication, it is recommended to ask some important questions from your elevator contractor as given below:

  • Are you licensed to perform the installation of a home elevator?
  • As per my requirements and the space available, what kind of elevator do you think would be the best for me?
  • Is there any need for me to get a building permit?
  • Will there be any warranties on the installed elevator?
  • Do you offer post-installation support and how will I be able to contact you in case of queries?
  • How much time will the installation process need?
  • What are the electrical requirements that the home elevator would require?
  • What are the safety features that will be there in the elevator?
  • What about the process of having the elevator customized so as to perfectly match the look of my house?
  • Does the elevator require to be inspected on regular basis after installation?
  • Do you also have some more affordable alternatives that can also fulfill my requirements?
  • Who will actually be handling the installation process and related tasks?
  • How will I be able to manage the maintenance of the elevator after it’s been installed?

indoor 3 floor residential elevator

Tips For Reducing 3 Floor Home Elevator Cost

Below we have provided some practical tips that would help you to save on costs when getting installed a home elevator:

  • While your home is being built, get the elevator installed too if you are aware that you will need it later. That’s because adding an elevator to an already built and the existing house would cost more.
  • Before making a final selection, ask for quotations from multiple companies. It would help you to choose the one with the lowest price.
  • As mentioned even above, an outdoor elevator is the most affordable option to choose from. Hence, you can consider it as well to minimize the cost if you find that the configuration of your existing house supports this kind of elevator.
  • Another important tip to reduce the 3 floor home elevator costis to ask if there is any kind of task that you can easily perform on your own, thus reducing the labor cost during the installation process.
  • You can also avoid any kind of expensive customization that is meant for having a more fascinating look.


Frequently Asked Questions (FAQs):

  1. How can I ensure safety when getting a home elevator installed?

Ans: It is recommended to get a permit to install a home elevator. And, you should also have a home inspection before proceeding. In addition, you should ensure that the elevator is installed by a professional with safety measures. You can also consider adding some extra safety devices to your elevator so as to make it more secure for you and your family.


  1. How long will the installed home elevator last?

Ans: If maintained properly and in a timely manner, there is no doubt that a home elevator may last for even 25 years. If not well-maintained, the parts like doors would wear out faster than other parts of the elevator.


Final Words

The 3 floor residential home elevator price might seem to be quite high to some people, but on the other hand, installing an elevator makes it easy and safe for you and your family to navigate between the 3 floors of the house. It’s indeed a smart decision to get it installed. But make sure that you hire only professionals for the accomplishment of the task in the most efficient and safest manner. The information provided above in this guide will also help you to smartly proceed.



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