Wed Oct 13, 2021 11:09 am
Assuming it is an 'investment' and not a liability. Depending on where you are, you could consider a subletting arrangement or building a multi-tenant unit.
Do the math on renting vs owning. The hangar I rent is about $3000 a year. Buying that hangar would be perhaps $80K and $1000 a year to own in taxes, insurance, and ground lease. Presently, I can invest the 80K and pay the hangar rent with some left over. Why tie up the money and reduce flexibility for something that -at best- is on the under side of breaking even.
Not understanding the ground lease/ownership rules, runway access rights, and through the fence rules.
Not understanding the operational rules of the airport at which you are located. The gentleman across the way from our current hangar built a palace, complete with a high end living space inside. He then had a rental tenant throwing parties, who got caught after a particularly wild night. To nobody else's surprise, living on our federally funded, port owned municipal airport is a no-go. There's now a hangar for sale for $300K with comps of $150K.
Believing that your airport will exist in 10 years. We built two hangars on a public airport (S95 Vista Field) that bailed on a 10 year plan 1 year into it. We've got a nice 50x100 and a 50x50 that are glorified storage sheds now...
Not building to code. With a building that might have half a million dollars worth of stuff in it, are you willing to discuss your handiwork with an insurance company after it burns down?
Not sealing it well enough. We live in a dusty area. Spray foam insulation goes a long ways to keeping things out.
Putting in the wrong door for your area. The hangars we built had a bifold on one and a hydroswing on the other. When it snowed, the bifold was preferred, as it could be raised and the plow tractor driven out. The hydroswing could push light snow, but it was always sketchy with a lot of heavy, wet snow. On the other hand, the hydroswing was amazing with a remote control in the airplane to open it as you taxi up. The bifold has manual locks inside that preclude the use of an opener.