How To Budget for Your Elevator System
Most modern buildings have elevators installed to complement staircases or escalators. For others, this was a delayed upgrade that now needs to be budgeted for. While elevators may be expensive, they are a worthwhile investment that can largely impact your building. In order to incorporate elevators in your building, you must understand how to budget for them beyond just installation costs. When starting the budgeting process, consider the following.
Elevator Type
There are many different types of elevators, but ultimately, it’s the building’s existing design that calls the shots. You need to consider the material, the mechanism for how the door opens and closes, weight ratings, and size.
Construction Costs
Whether you have an old elevator that has not worked in years or need to install a brand new one, there are construction costs involved. The costs of installation fluctuate widely, so get a range to work with. You can use the range for budgetary purposes and narrow down a specific quote closer to the date of installation.
Age-Related Costs
Elevators are complex machinery and they require ongoing maintenance and repairs. If you install a brand new system, you may have a longer time between repairs. When you revive older systems or reuse older parts, maintenance and repairs may be needed more often.
Operating Costs
Elevators rely on the building’s utilities to operate and can consume a lot of power. Here are some additional operating costs to consider:
- Mandated inspections to ensure safety
- Repairs and replacement parts
- Ongoing preventative care
Liability Costs
It’s important not to reduce liability coverage after installing elevators. People can still trip and fall when the elevator does not level correctly or get injured by a malfunctioning door. In the worst-case scenario, someone may get trapped inside.
Elevators are expensive additions to a business, but they bring additional value. They modernize a building and offer convenience. For people who suffer from disabilities that leave them wheelchair-bound, elevators can also open up a whole new world of opportunities for both customers and employees.
Are you ready to install or modernize your commercial elevators? Contact Action Elevator by calling 410-774-4573 or emailing us today!