Maintenance activities can include simple bulb replacement, cleaning and refinishing paint in hallways and garages, landscaping, irrigation repairs, pool cleaning, elevator maintenance, and other related tasks that are performed frequently or continuously. The term maintenance expense refers to any cost incurred by a person or company to keep its assets in good operating condition. These costs can be spent on general maintenance of items such as running anti-virus software on computer systems or can be used for repairs, such as repairing a car or machinery. These expenses are in addition to the actual purchase price of an asset, so individuals and businesses should be able and willing to foot the bill to keep their assets in good shape.
Repair and maintenance costs are the costs that are incurred to ensure that an asset continues to operate. This may involve raising performance levels to their original level from the moment an asset was originally purchased or simply maintaining the current level of performance of an asset. The expenses needed to increase the level of performance may result in the capitalization of additional costs. For example, replacing a truck's oil filter is considered a maintenance cost, while replacing the roof of a building extends the life of the building and, therefore, its cost will be capitalized on.
Emergency maintenance is anything that happens in your apartment that requires immediate attention. That is, if the problem is left unattended, it could result in injury, serious property damage, or a threat to life. For example, a natural gas leak is always considered an emergency. Technically, repairs can also be considered maintenance work (corrective maintenance).
However, the difference between repair and maintenance work is that repairs are aimed at restoring functionality, while maintenance seeks to preserve functionality. Although chronologically much older, it is considered a section or practice within the broader and newer field of predictive maintenance, where new AI technologies and connectivity capabilities are put into practice and where the acronym CBM is more often used to describe “condition-based monitoring” rather than maintenance itself.
