Will a Stairlift Impact my Home Value in the UK?
In the UK, the decision to install a stair lift is often driven by the need for increased accessibility within the home. However, homeowners also consider the potential impact on their property’s value. This analysis aims to offer an unbiased perspective, grounded in UK-specific facts and figures, to assist homeowners in making informed decisions.
Broadening Market Appeal
Fact: The aging population in the UK is a significant factor in the current housing market prices. According to a study completed by Age UK, there are approximately 11 million people aged 65 and above, a number expected to increase in the coming years. This demographic shift underscores a growing demand for age-friendly homes that accommodate mobility needs, including stairlifts.
Impact on Value: Homes equipped with stair lifts do narrow the buying audience in the UK to older adults and individuals with limited mobility. Properties with a stair lift may scare younger or first-time buyers away due to the need for them to research stair lift removal.
Cost-Effective Modification
As covered in our blog about the average cost of a stairlift in 2024. In the UK ranges from £2,300 to £4,500 for new straight staircases and £4,500 to £15,000 for new curved ones. This is significantly less than more extensive home modifications, such as installing a home lift, which can exceed £10,000.
The ROI (return on investment) of a stair lift in the UK’s real estate market can vary. However, in neighborhoods where the majority of properties are classified as retirement homes, a stair lift could enhance a property’s appeal and justify a higher asking price, reflecting the investment’s value.
Minimal Structural Impact
Typical stairlifts in the UK are designed for easy installation, with little to no structural modification needed, making them an attractive option for preserving the aesthetic and structural integrity of a home.
The ability to install or remove a stair lift without significant alterations makes it an adaptable feature for future homeowners, potentially increasing the property’s appeal without detracting from its value.
Energy Efficiency and Low Maintenance
Modern stairlifts in the UK are noted for their energy efficiency and low maintenance requirements, A new straight stair lift will use between 0.024 & 0.32 kWh an hour, a curved stair lift will use between 0.032 & 0.5 kWh and a home lift can use up to 0.42 kWh, as stated by house of elevators. Many modern models run on rechargeable batteries to ensure functionality during power outages.
The economic and environmental benefits of energy-efficient stairlifts, coupled with low maintenance costs, are attractive selling points that can contribute to a home’s marketability and perceived value.
Comparative Market Analysis
In some UK markets, especially those popular with retirees or areas with a significantly older population, a stair lift could potentially increase a home’s sale price by a modest margin. As of January 2024, the average price of a house in the UK is £264,400 according to a house price index conducted by Zoopla. The presence of a stair lift might influence the final sale price positively If it is being sold as a retirement home.
Conclusion
For UK homeowners, installing a stair lift is a decision that balances the immediate benefits of increased accessibility with the potential long-term impact on property value. While the financial ROI (return on investment) of a stair lift can vary by location and market demand, the value it adds in terms of accessibility and safety is undeniable.
In most cases, a stair lift will not majorly impact the value of your home. However, you need to take into account the market that will be interested in your home. If you are selling a retirement property, a stair lift would be seen as an added benefit that could ask for a higher price. If not it may be a better choice to sell your stair lift.
Homeowners should consider their local market conditions and consult with property professionals to understand how a stair lift installation could affect their home’s value in the UK’s unique real estate landscape. If you would like to discuss it further with us, you can contact senior stairlifts and an expert will be able to give you their insight into whether or not a stair lift will impact your home value.