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  #1  
Old 05-16-2010, 07:47 PM
tdhanson tdhanson is offline
 
Join Date: Nov 2009
Location: Sacramento, CA
Posts: 92
Default What considerations are there for buying a hangar?

I'm looking to buy a hangar. I've seen a few for sale but I want to be educated. The one I'm looking at is a certain purchase price and then a fixed monthly cost for water and electricity. Besides that what should I be concerned with as this differs from my home buying experience.

This is in moderate CA environment so I'm not concerned with insulation for snow or other.

Some initial considerations I can thing of?

Is the purchase price fair? How to get a proper valuation for the size and condition. This is a metal hangar about 40 x 30 with a crank up front door. It has water as well as hot water from water heater as it has 110 and 220 electric. Nothing fancy.

Is the monthly charge appropriate?

Is there a lease consideration or timeframe of when the airport might not renew the land lease?

How's the rental market if I wish to rent the hangar out vs. keep it for my own use?

How's the resale market if I wish to unload it later?

Do they allow or restrict certain activities or storage of non aviation stuff? Doesn't appear so. Others are building experimentals onsite and I saw storage of cars and such there on my visit.

Help me go into this eyes open guys...
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  #2  
Old 05-16-2010, 07:50 PM
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mculver mculver is offline
 
Join Date: Dec 2008
Location: Redmond, WA
Posts: 269
Default

Do you mean that you are thinking of purchasing a condo hangar, an existing hangar, or constructing one?
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  #3  
Old 05-16-2010, 07:54 PM
tdhanson tdhanson is offline
 
Join Date: Nov 2009
Location: Sacramento, CA
Posts: 92
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I'll clarify. This is a hangar only. Sheetmetal / metal construction. Looks fairly old. There is no living quarters nor would I expect there to be. I'm just trying to be educated on the questions/details I should be aware of for a hangar purchase. Thanks.
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  #4  
Old 05-16-2010, 08:00 PM
prporter prporter is offline
 
Join Date: Jul 2006
Location: Vul, VA
Posts: 316
Default The hangar...

... is it land lease, or do you own the property as well?
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  #5  
Old 05-16-2010, 08:00 PM
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mculver mculver is offline
 
Join Date: Dec 2008
Location: Redmond, WA
Posts: 269
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One of the first things to understand is what the deal is with the land under the hangar. Most of them are a lease from the airport, and more than one is about to expire. Also check on covenants on the hangar, imposed by whoever owns the airport.

Then I'd worry about resale value in a market where there is declining demand (we're losing pilots faster than we are making them). Certain others will flame me, so I already have the popcorn ready...

Finally, compare the cost to renting. Personally I use a Net Present Value analysis to decide -- and last time I did an evaluation I was well ahead by renting. But then again if everything was a NPV analysis, then none of us would own an airplane.
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  #6  
Old 05-16-2010, 08:56 PM
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plehrke plehrke is offline
 
Join Date: Sep 2006
Location: Defiance, MO
Posts: 1,674
Default Insurance

Make sure you get insurance and check to see if it covers other hanger lose due to something that happens in yours. Also get content insurance as your home owner policy does not cover contents of your hanger.
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  #7  
Old 05-16-2010, 09:03 PM
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John Clark John Clark is offline
 
Join Date: May 2005
Location: Santa Barbara, CA
Posts: 1,324
Default It is all about the airport

Mike covered most of the concerns. Many airports will lease the land for a period of time, 20 years typically, after which the structure reverts to the airport. Know all the rules and do the math before you jump. I have rented a hangar for 20+ years and am slightly ahead. By being a tenant, I have not had to worry about maintenance on the structure. But, as I said, it is all about the deal on the land.

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RV8 N18U "Sunshine"
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  #8  
Old 05-16-2010, 09:12 PM
jasperlv jasperlv is offline
 
Join Date: Aug 2007
Location: utah
Posts: 49
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also check covenants regarding the use. in addition to the aforementioned clauses you could find:
some prohibit any maintaince, including changing the oil.
some prohibit any airplane building.
some prohibit storing anything besides a licensed airplane.
some (most i believe) prohibit storing fuel.
some prohibit subleasing a portion of the hangar.
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  #9  
Old 05-16-2010, 10:22 PM
docsuresh docsuresh is offline
 
Join Date: Mar 2009
Location: San Diego
Posts: 70
Default

Not sure where you are located..but if you are looking to buy at Gillespie..send me a PM. There's a sleazeball (well known to the locals) there who owns a few hangars and tried selling me one until I dug into his past dealings and discovered some of the skeletons ...

Suresh
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  #10  
Old 05-16-2010, 11:59 PM
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jetjok jetjok is offline
 
Join Date: Feb 2007
Location: Sutter Creek, CA
Posts: 842
Default

Quote:
Originally Posted by tdhanson View Post
I'm looking to buy a hangar. I've seen a few for sale but I want to be educated. The one I'm looking at is a certain purchase price and then a fixed monthly cost for water and electricity. Besides that what should I be concerned with as this differs from my home buying experience.

This is in moderate CA environment so I'm not concerned with insulation for snow or other.

Some initial considerations I can thing of?

Is the purchase price fair? How to get a proper valuation for the size and condition. This is a metal hangar about 40 x 30 with a crank up front door. It has water as well as hot water from water heater as it has 110 and 220 electric. Nothing fancy.

Is the monthly charge appropriate?

Is there a lease consideration or timeframe of when the airport might not renew the land lease?

How's the rental market if I wish to rent the hangar out vs. keep it for my own use?

How's the resale market if I wish to unload it later?

Do they allow or restrict certain activities or storage of non aviation stuff? Doesn't appear so. Others are building experimentals onsite and I saw storage of cars and such there on my visit.

Help me go into this eyes open guys...

Don't be so quick to dismiss the benefits of insulation in a hangar. At my local aerodrome (near Sacto), a group of 14 of us built identical hangars. A buddy and I were the only ones to insulate, and it is well worth it for warmth in the winter and cool in the summer. Plus, during hard rain the noise level stays well within limits.
Most importantly, do your due diligence as other have stated. The city and county municipalities can be very difficult to deal with on certain issues.
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