School me on hangars

[Histolytica]

Hi everybody, I will require a hangar for a new plane coming in a couple months. I'm contemplating renting vs buying. Most of my questions are related to buying a hangar. I understand that they are typically land leases from the airport with monthly fees and a determined term on the lease. I realize this means only the building is for sale and it is only for the term of the lease.

How does one go about buying a hangar? I've been searching a couple months and I've found a couple for sale at CYBW but how does one determine the market price? What's the best place to find listings for sale? It would be nice to see what others have sold for.
Would anybody use a real estate agent for this? It seems like something that can be done only with a lawyer to transfer the title but I'm not sure what the normal process is.

Any general advice for me?

Thanks

[2R]

Hire a realtor with airport experience .
The next answer will cost you a case of beer

[digits_]

Hi everybody, I will require a hangar for a new plane coming in a couple months. I'm contemplating renting vs buying. Most of my questions are related to buying a hangar. I understand that they are typically land leases from the airport with monthly fees and a determined term on the lease. I realize this means only the building is for sale and it is only for the term of the lease.

How does one go about buying a hangar? I've been searching a couple months and I've found a couple for sale at CYBW but how does one determine the market price? What's the best place to find listings for sale? It would be nice to see what others have sold for.
Would anybody use a real estate agent for this? It seems like something that can be done only with a lawyer to transfer the title but I'm not sure what the normal process is.

Any general advice for me?

Thanks

Don't use a real estate agent. Spend that money on a proper pre buy inspection.
Hangars are weird and easy in a way. You are probably limited to one or two airports that interest you? That means you just have to talk to people at those 2 airports to see what is available. Usually other hangar owners know who is selling what. The value is most likely determined by previous sales at that same airport.

Another way to estimate the value could be: ask yourself how much rent you can get if you rent it out for storage. Subtract 10%, subtract all the monthly fees. That is the amount you could spend on a ficticious mortgage payment. Amortize it over 20 years and you get a ballpark figure what it should be worth.

[jakeandelwood]

Goodluck on finding one to rent if you go that route, they are usually occupied with boats, cars, RVs, woodwork shops, hot rod shops or anything else that doesn't resemble or have anything to do with an aircraft.

[Big Pistons Forever]

I bought a hangar 2 years ago at a West Coast airport. I found out it was for sale through word of mouth, so I second the observation to talk to airport residents to find out what is out there. Valuation is hard because a "hangar" can be a bare tin shed with a dirt floor and a cloth door; or in my case a proper wood square frame building finished with drywall inside, a concrete floor with a oil resistant coating, an electric Schwise bifold door, a second electric garage door in the back, and an industrial forced air gas furnace.

There are also a variety of ownership structures. My complex has multiple hangars organize as a condominium. It is very well run with an excellent set of bylaws and good contingency budget. Another complex at the same airport had no contingency budget and required a large assessment from owners when the roof had to be redone. I have seen others where you buy a share in the corporation not in an individual hangar. Personally I would not buy into such an arrangement.

A good hangar at a larger airport won't be cheap. I bought mine for cash and budget $ 900 a month not including any allowance for the cost of the money.

[Histolytica]

Thanks for the replies. I guess I should go check out some places and start asking around.

[laminar]

The local hangars around me seem to cost 400/mo once the building is paid for (so bank on 1000/mo and higher) to fully finance and pay for if you put nothing down. Guys who rent out half of a 2-plane hangar want 350-400/mo rent. Some hangars are cheaper if you don't mind your aircraft getting shoved in with a half dozen other craft and moved in/out several times per week when you aren't around to supervise.

[Histolytica]

Yeah I'm not thrilled with the prospect of sharing a hangar with many other planes. Both because I don't want the hassle of being blocked in the back, and I don't want others inflicting hangar rash on my plane.
I inquired at one hangar that wanted $1000/month for a shared hangar with 10-12 other planes. That price pushed me to look into purchasing...

[AirFrame]

I have seen others where you buy a share in the corporation not in an individual hangar. Personally I would not buy into such an arrangement.

Out of curiosity, what do you see as downsides to that arrangement? That's how the hangar complex i'm in is arranged, it seems to work well... I've only been part of it for the last 3 years though.

[rigpiggy]

Ilike the turntable hangar to avoid hangar rash, though it loses some space/efficiency