Having a residential lift installed in your home is likely going to be one of the most significant projects that you could undertake, and that includes the investment required.
An extension, a loft conversion or the addition of a swimming pool might all cost more, but given that a home lift is likely to cost tens of thousands of dollars, it is not something that you should embark upon without careful thought, especially with regards to your budget.
For that reason, we are going to outline 5 tips that will help you maximise your budget and ensure it does not spiral out of control.
Choose Your Home Lift Installation Company Carefully
This is a suggestion which, if you follow it, is almost guaranteed to ensure that your budget is well-spent and protected. Before you do anything else, fully research local lift installation companies and select one which has all the attributes listed below. Any home lift installation company that can offer you these, is one with which your budget will be safe.
- Proven Track Record
- Lots Of Positive Reviews And Testimonials
- Has Lift Installations Which You Can Visit
- Provides A Fully Itemised Quotation
- Guarantees No Added Fees
- Provides A Written Warranty
- Offers A Follow-Up Maintenance Service
If you select the correct lift installation company, you are halfway to keeping your budget under control. If you also follow these next 4 tips, then you are almost certainly going to be able to control your budget throughout the entire process of your home lift being installed.
Keep It Simple
The temptation with any large project such as a home lift being installed is to want to add all the extras and upgrades. The problem is that each one of them will increase the price of your lift, often by thousands of dollars. For each choice you make, ask yourself whether it is necessary or just ‘nice to have’. If it is the latter then it is likely not needed, and thus should not be budgeted for.
Compare Several Quotes
This tip may play a part in your choice of the installation company, but such is its importance we have it separate too. You would be amazed at how many people simply opt for the first quote they receive without seeing at least one other to compare it. By all means, go with a home lift installation company that ticks all the boxes, but if all else is equal, the difference in quoted prices could be significant, so make that comparison.
Create A Budget And Stick To It
It is almost certain that whatever price you decide upon for your new home lift, you have the means to spend more, however, we urge you not to dip into your savings further, or to take your credit card balance even higher. Be disciplined and decide upon a budget for your new residential lift from the outset and stick to it, no matter how tempted you might be to add some extras to embellish the appearance of your home lift.
Include The Cost Of Maintenance In Your Budget
When someone tells you their car cost them $10,000, they are mistaken. That might be what it cost to take ownership of it, but the real cost also includes all the maintenance and repairs to the car over the years that follow. That same principle applies to your new home lift. So, when budgeting for it, you should include the costs of maintaining it and any repairs. Most reputable residential lift installation companies will advise you on maintenance plans and costs.
