Repair and maintenance expenses cover the costs of fixing or maintaining common property issues. This includes repairs to appliances, plumbing (e.g., toilets), lighting, and other small-scale maintenance tasks.
Note that major capital expenditures (CapEx) like replacing countertops, roofing, or HVAC systems fall outside of this category.
Older buildings tend to have higher maintenance costs compared to newer properties, as they may require more frequent repairs.