Don’t Fall into the Elevator Trap: What You Need to Know Before Installing a Home Elevator

a man disappointed at paying a hefty price for elevator parts — Paying a hefty price for parts. Image by Meta

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With the global population aging rapidly, home elevators are becoming increasingly popular. Whether for convenience or accessibility, more homeowners are opting for these installations to accommodate the elderly and individuals with mobility challenges. While the benefits of having a home elevator are numerous—such as increased home value, easier access to all levels of the house, and future-proofing for aging in place—there’s a hidden pitfall many homeowners don’t foresee: long-term maintenance and repair costs.

The Hidden Trap: Limited Warranties and Expensive Parts

Many new home elevator installations come with limited warranties, covering maintenance and repairs for a few years. But what happens when your elevator is older—say 10, 15, or even 20 years? That’s where the real trouble begins.

Most companies that install elevators only focus on the installation itself and don’t offer long-term maintenance services. So when your elevator breaks down, you’re left searching for a repair company. But that’s only half the battle. The real challenge comes when you need replacement parts.

The Wild West of Replacement Parts Pricing

Unfortunately, home elevator repairs can be a financial nightmare, especially when it comes to sourcing replacement parts. Elevator manufacturers (OEMs) can charge exorbitant prices for these parts, often marking them up by over 100-200%.

Take, for instance, a recent client who found themselves in a bind. Their home elevator broke down, and a critical part needed replacement. When they reached out to the manufacturer, the price quoted for the new part was a jaw-dropping $7,000, despite the fact that the part should normally cost around $800. For an elderly homeowner, this kind of expense can be crippling, especially without the support of a condo corporation where costs are shared among multiple residents.

How to Protect Yourself from Overpriced Parts

To avoid falling into this costly trap, there’s a smart solution you can implement right from the start. When installing a new home elevator, build a clause into your installation contract that protects you from future price gouging. Ensure that either you or your chosen service repair company will not be charged more than 10-20% above the actual cost of any replacement parts. This simple addition to your contract can save you thousands down the line.

Need Help with Elevator Service or Repair in Toronto?

If your elevator needs servicing and you’re located in or around downtown Toronto, don’t hesitate to reach out to us. We specialize in maintenance and repairs for all types of elevators and are committed to providing fair and transparent pricing.

Don’t let the elevator trap catch you—plan ahead and safeguard your investment.