What are the costs of purchasing and maintaining building hoist?

The costs of purchasing and maintaining a building hoist include the initial purchase price, which can range from $10,000 to $50,000 depending on the hoist's capacity and features. Maintenance costs involve regular inspections, lubrication, and part replacements, averaging around $1,000 to $3,000 per year. Operating costs include labor for hoist operation and potential rental fees if the hoist is not owned. Additionally, there may be costs for safety training and compliance with regulations. These costs can vary widely based on the specific hoist model, usage frequency, and local regulations.