Which of the following are considered variable expenses?

Variable expenses are costs that can fluctuate over time based on usage or other factors. In real estate, these expenses often include costs that are not fixed and can change from month to month or over different periods.

Utilities and maintenance are prime examples of variable expenses. Utility costs, such as water, electricity, and gas, can vary based on consumption levels, which can differ due to seasonal changes, occupancy rates, or lifestyle changes of the tenants. Maintenance costs also fall into this category because they can vary depending on the condition of the property, the extent of repairs needed, and the timing of those repairs.

On the other hand, property taxes and hazard insurance are typically fixed expenses that remain relatively constant throughout the year, making them not variable expenses. Loan payments are also fixed and predictable, as are tax depreciation, capital improvements, and personal expenses, each of which is governed by specific circumstances rather than fluctuating. Therefore, the classification of utilities and maintenance as variable expenses is accurate and reflects the nature of these costs in property management.