Buying a HANGAR?

charheep said:
To the OP- are you buying a already built hangar or building one? I did some small research a few years ago and it seemed like hangar notes were 10 years max. If you are talking about building one, then ignore me. Maybe things have changed?
Click to expand...
.

The more responses I read, the more this whole hangar idea creeps into the infamous “ If It Flies,Floats or F——ks” Category. The Iron Law of get the checkbook out strikes again.
 
n2230b said:
Thinking about buying a hangar. Paying $210/mo for tiedown currently but...just painted the airplane. Monthly hangar rates at KPMP and KFXE, (my closest airports) run +/- $750/mo. A $100,000 hangar, with a small dn pmt and 25 yr mortgage could run $450/mo. Any thoughts on this expensive-new paint protecting approach?
Click to expand...

I say it depends on your total financial picture. Taking out a 25 year mortgage for a hangar doesn't sit well with me. You can do financial projections for all your options, and make sure whichever one you choose leaves you with a net worth of several million at retirement. If buying this hangar fits with that picture, go for it.

If it had to be painted regardless, then the paint is the protection it needed. It's better off in the elements with the new paint than it would have been without.
 
Can the land-lease and hanger be configured so that you can rent out 1 space over the life of the loan? - even if - to make a deal with the devil - you only get 1/3 of the rental, it would alter your $$ equation significantly.

I wouldn't COUNT on that offset to make it work, because it may go unrented 1% of the time or 90% of the time, but I would run the numbers and see if you can push the paper.
 
Buy hangar, use hangar, sell hangar.
I've never owned an airplane without a hangar. Just part of airplane ownership.

You can always change your mind- A hangar is an asset that is easily sold. You than get your money back.
 
Non Compos Mentis said:
Buy hangar, use hangar, sell hangar.
I've never owned an airplane without a hangar. Just part of airplane ownership.

You can always change your mind- A hangar is an asset that is easily sold. You than get your money back.
Click to expand...

I dont know about that. I have been renting a hangar from the owner that has been trying to sell it for at least 5 years. I have been there over 2 years.There are a few at the airport that the for sale signs are faded from being out in the weather. It could be the airport rules or the prices arent competitive or something I dont know, but I am happy he isnt selling it. I get to rent it for cheap while he tries to sell. If he sells, I lose that good deal.
 
Non Compos Mentis said:
A hangar is an asset that is easily sold.
Click to expand...
charheep said:
I dont know about that. ...
Click to expand...
Hmm.... Different areas of the country, different markets. So many areas where hangar availability is tight.
I've bought & sold a handful of hangars, and each sale, as soon as word gets out, I've had multiple inquiries, and a quick sale.
 
Wow.
Last time there were multiple hangars for sale at my airport was when a new row of T-hangars was going to be built.
Sold out before construction began.
 
charheep said:
Here are the listings. I guess like houses it comes down to location.
http://www.skyhavenofaurora.com/listing.asp?catId=2
Click to expand...
Some nice hangars in there! I am seeing around $78/sqft for the big stuff down to about $60/sqft as they get smaller.

We live outside the Twin Cities metro area and nice large standalone hangars are running a bit over $40/sqft (finished, heated, typically ~48x50). That price more than doubles as you get in under the Bravo at the more busy delta's. I looked at hangars at KFCM - some are awesome. But I think you are easily nearing $400/month before any financing! We passed up one location that was a 3-bay hangar that the numbers weren't too bad. Some of the best deals are like 5 or 7 bay hangars. If you rent all but one you can come out ahead...a little!
 
Ed, I rent a hanger at kpmp. I don’t think there is an option to own. If I am wrong please point me in the right direction. There is no way driving to Hollywood is worth all the rest of the bs. Location is everything. What’s next? Drive to Clewiston or Arcadia. You’ll fly once a month at best. There is antiquers in Boca if you want to move your home.
 
“Buy a hangar, use the hangar, sell the hanger”? That model sounds like the profile of a renter?

The market, location, & individual particulars come into play, vary with all of us.

Just like with land ‘ownership’, in many ways it has characteristics of long-term renting.

Say you bought that vacant ‘40’ for $40k, sold it 20 years later for $55k, did you really make any $$? Taxes were $900 a year, that $$ bought more 20 years prior, with inflation averaging 2% the S&P index was up 7.5% average. One can dive deeper by fiddling with a tax return.

I will say, in general owning is more enjoyable than being a lowly renter. If funds are limited, more plane or your own hangar?
 
I was able to build my own 50' x 50' hangar with 12 ' high concrete block walls because it was on my own land so no limitations and, at that time, no county involvement. I could get my Cessna plus a Mooney an a Culver Cadet inside and collect a bit of rent also. Since I was my own contractor and did much of the construction work myself, the cost in 2019 dollars was about $20k. Since I do all my own maintenance work it definitely paid for itself. However. many aircraft owners just tiedown with a roof to keep the sun off which would protect your paint as well as a hangar and be much cheaper.
 
WBI Flyer said:
Can the land-lease and hanger be configured so that you can rent out 1 space over the life of the loan? - even if - to make a deal with the devil - you only get 1/3 of the rental, it would alter your $$ equation significantly.

I wouldn't COUNT on that offset to make it work, because it may go unrented 1% of the time or 90% of the time, but I would run the numbers and see if you can push the paper.
Click to expand...

Depends upon the airport I suppose. I have a third plane in my hangar and enjoy a little over one third the cost of the hangar paid for by him. If for some reason he pulled out, I am extremely confident that I could have another renter within a half hour after I started working the phone.
 
n2230b said:
1977 Rockwell Commander 112 TCA .....but....new $16K paint, new leather interior/carpet $6.2 K & new avionics (adsb in-out, G5’s coupled Garmin 355 $10 K). TTAF 2,960 h, TBO 980 h.

Previously owned and hangared a Piper Arrow and later a Piper Seneca. And I agree totally, once you hangar your totally spoiled for life.

Own the Commander free and clear. What the hell! Anybody want to partner up?
Click to expand...
Cool Plane! I've always loved the idea of a 112TCA. Lycoming TO-360, two doors, comfortable, and great looking! They are hard to find though....
 
deadeye99 said:
Ed, I rent a hanger at kpmp. I don’t think there is an option to own. If I am wrong please point me in the right direction. There is no way driving to Hollywood is worth all the rest of the bs. Location is everything. What’s next? Drive to Clewiston or Arcadia. You’ll fly once a month at best. There is antiquers in Boca if you want to move your home.
Click to expand...

Deaeye, you are 100% correct. I also thought of Lantana or North County but both of those are within the frequently used El Presidente TFR (as is PMP). Im sure you re quite familiar with that dance.
 
Gmonnig said:
Cool Plane! I've always loved the idea of a 112TCA. Lycoming TO-360, two doors, comfortable, and great looking! They are hard to find though....
Click to expand...


Thanks G. I love my TCA. C-182 performance with more economical gph, roomier, pilot door and very sexy looking.
 
You're not a real aviator until you have a hangar.
 
How long do you have to have a hangar? Does it count if you had hangars in the past? Are you more real if you have many hangars? Are you part real if you share a hangar? Is it necessary to keep an actual airplane in the hangar?
Was that a school of big fish?..or a big school of fish?
I lost my last hangar due to a divorce. That particular plane went with it.
Does that make me a hangaree?
 
jbDC9 said:
I can't tell if this is sarcasm or stupid arrogance... care to enlighten us?
Click to expand...
You’d have to be a real aviator to understand.






Or have a sense of humor.
 
Oh, I have a sense of humor, but the comment didn’t seem to be that funny.
 
jbDC9 said:
Oh, I have a sense of humor, but the comment didn’t seem to be that funny.
Click to expand...
Pretty long road from “not that funny” to “stupid arrogance”.
 
n2230b said:
Thanks G. I love my TCA. C-182 performance with more economical gph, roomier, pilot door and very sexy looking.
Click to expand...
I kept my eye out for one several years ago. I love my Comanche 250 but they one thing I wish for is a second door!
 
I knew quite a number of pilots in the Army who didn’t have a hangar, I doubt that any of them even owned an aircraft, but I can call ALL of them real Aviators with no reservation.
 
Last edited:
Gmonnig said:
I kept my eye out for one several years ago. I love my Comanche 250 but they one thing I wish for is a second door!
Click to expand...

Hey G,
Comanche 250 is no slouch, and gorgeous lines.
That is a slippery bird.
The pilot door is worth it’s wt in gold.
Mooney broke the code, before the pilot door, great airplane with for poop ergonomics.
(BTW, as the OP I realize now I should have started this thread in “Hangar Talk”)
 
I can give you prices, but can't tell you where.
 
For a while I had two hangars. The one to the left there and a (rental) T Hangar at CJR. Down to just one now.
 
You must log in or register to reply here.
Back
Top