Advantages of using a building hoist include increased efficiency in material transportation, reduced manual labor, and improved safety by minimizing the risk of accidents associated with manual handling. They can also speed up construction timelines by allowing for continuous material flow. Disadvantages include the initial cost of the hoist, the need for regular maintenance, and potential downtime in case of mechanical failure. Additionally, building hoists may have limited capacity and may not be suitable for all types of construction projects, especially those with irregular shapes or limited space for installation.