If you’re searching for costs of elevator maintenance, elevator maintenance contract prices, or elevator repair costs this post will help! If the property you own or manage has an elevator keeping up with its maintenance saves downtime and more costly repairs. Problems can get missed and ignored without regular maintenance putting passengers at risk and leaves your building liable for injuries and accidents.
Elevator Maintenance Cost Analysis
With profit margins getting tighter and tighter taking care of your building and your elevator to avoid costly repairs makes fiscal sense. It also reduces potential liabilities and downtime which helps keep your occupants happy. When an elevator is out of service it impacts the function of the property and reputation of a commercial property’s safety. If occupants don’t feel safe they may choose to move to a new building which impacts your property’s earnings.
Cost With Elevator Maintenance
Over the course of 25 years of service most elevators will need major repair emergency service every 5 years. Most repairs involve a labor cost of about $1,200 dollars and $700 in parts. That means that each of these serious breakdowns will cost about $1,900. Given that it may happen about 4 times the total cost of these repairs will be $7,750. Preventative maintenance typically ranges about $275 per year which adds up to $6,875 over the course of 25 years. This all adds up to a total of $14,625 for elevator car with a maintenance contract.
Cost Without Elevator Maintenance
During the same 25 year period of time property owners who choose not to have an elevator maintenance contract will pay more. While this scenario still has $7,750 for repairs over the course of 25 years it also includes a new motor, and installation labor which add in another $11,400. That means that the total without an elevator maintenance contract adds up to $19,150.
Elevator Maintenance Contracts
Elevator maintenance contract help property owners keep their elevators running trouble free and keep costs down. It’s important to understand the different types of contracts and options that providers use to cover elevators. Like most things the most risk you’re willing to take on, the lower the costs of elevator maintenance will be.
Survey & Report Contract
When you sign a survey and report contract it includes inspection on a quarterly, semi-annual, or annual basis. It includes the full list of major components and equipment. As this type of contract is simply an inspection service technicians will report signs of wear, damage, and recommend solutions. The cost of repair, maintenance, or any disassembly is not covered under your contract. This basic type of maintenance also leaves property owners open to potential liability should they be neglecting the repairs.
Examination & Lube Contracts
In addition to regular inspection that you get in a survey and report contract and examination and lube contract adds minor adjustments and lubrication of moving parts in your elevator system. If repair items are noticed during inspection or lubrication they are reported to the property manager. As this service requires much more paperwork and liability exposure it’s not typically a service property owners are completely satisfied with. Costs are also hard to plan for and may happen at inopportune times.
Parts, Oil, & Grease Contracts
In addition to an examination and lube contract a parts, oil, and grease contract includes the replacement cost of certain parts in your elevator system. High cost items such as motor/generator sets, cables, elevator machines, and controllers are not included in a parts, oil and grease contract. While this service typically costs less than a full maintenance contract, it also comes with less coverage.
Full Elevator Maintenance Contract
Property owners choose full elevator maintenance contracts as they allow the service company to take over full responsibility for all of the equipment covered in the contract. A full elevator maintenance contract allows property owners to forecast costs more accurately for budgeting. In addition a full elevator maintenance contract removes liability exposure from the property owner in the case of injuries or accidents.
Elevator Repair Costs
Average elevator repair costs range between about $180 to $700 dollars. Small elevator repairs can be as cheap as $100 while more involved repairs can be as high as approximately $2,000. If your elevator has completely worn out and you need full elevator replacement the cost typically is between $10,000 to $20,000.
Elevator Repair, Maintenance, Upgrades & Modernization In Colorado
If you do business in the Colorado area and need a professional to take a look, Colorado Elevator Solutions can help! Colorado Elevator Solutions offers experienced elevator repair & maintenance in Denver, Lakewood, Colorado Springs and more. Furthermore, we also offer elevator upgrades and elevator modernization to keep you with current elevator codes.
*Colorado Elevator Solutions offers services in Denver, Colorado Springs, Aurora, Centennial, Littleton, Lakewood, Greenwood Village, Brighton, Cherry Hills Village, Columbine Valley, Lakeside, Limon, Sheridan, Englewood, Evergreen, Glendale, Westminster, Thornton, Arvada, Broomfield, Golden, Highlands Ranch, Morrison, Edgewater, Wheat Ridge, Northglenn, Federal Heights, Commerce City, Lone Tree, Castle Rock, Castle Pines and throughout Colorado.