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...
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...