Elevator
A mechanical conveyance system in multi-story buildings that is a common element maintained by the association. Elevators require regular inspections, maintenance contracts, and eventual modernization. Elevator modernization is one of the most expensive capital projects an association may face, potentially costing hundreds of thousands of dollars per cab. Elevator safety codes are regulated by state and local authorities.
Example in Context
The elevator modernization project cost $650,000 per cab and was funded through a combination of reserve funds and a special assessment of $3,500 per unit.
Common Misunderstanding
Elevator maintenance is not optional — safety codes require regular inspections and maintenance, and failure to comply can result in shutdowns and fines from local authorities.
Frequently Asked Questions
How much does elevator modernization cost for a condo building?
Elevator modernization typically costs $150,000 to $700,000 or more per cab, depending on the scope (full replacement vs. component upgrades), building height, and local labor costs. The reserve study should include elevators as a major component with an estimated replacement schedule. Most elevators need modernization every 20 to 30 years.