An elevator is a constant workhouse for a multi story building that the community rely on for their everyday living arrangements. As elevators age they will often begin to slow down, become noisier, smell unpleasant and have more frequent unscheduled down times which are costly and inconvenient the members of a building.
Typically in our reserve studies we will recommend funding for modernization of the elevator equipment every 20-30 years (depending on type and history of elevator) and a cab remodel every 15 years. Both of these components are costly but ensures that the building has an operational elevator that the community can rely on as well as retains or elevates the aesthetic appeal of the building which helps property values and rents.
Link: Elevator Maintenance Manual