Jet service and hangar space – rent or build?
If you’re in the market for aircraft hangar space then you have several options: renting, buying, or building. Your aircraft is a big investment and having a safe place to store it is essential. In this article, our NJ team at Monmouth Jet Center explores the various options available to you when it comes to acquiring hangar space.
Investor owned or leased?
If you want to invest in your own aircraft hangar, you always have the option to lease it when you’re not using it. Many investors negotiate ground leases with local aircraft owners who need hangar space. And at smaller airports like Monmouth Jet Center, you’ll never have to put your name on a waiting list or wonder if there will be space for your aircraft.
Advantages of owning a hangar
When you own a private hangar you can customize it to your exact specifications. You’ll never need to negotiate any hangar leases or worry about finding hangar space to rent, and you’ll have the peace of mind that comes from knowing your aircraft is completely secure. Another advantage of owning a hangar is you always have the option to rent it out in the future, earning you extra income.
The cost of building your own facility
Costs vary depending on your needs, but as a general rule, you can expect to spend $22 per square foot when building a custom aircraft hangar. It’s important to understand that when you build your own facility, you will technically own the hangar, but you’ll still be leasing the ground it’s built on. You’ll also be responsible for insurance costs, maintenance costs, repairs, and any upgrades you decide on.
The benefits of leasing space
Leasing can be a convenient option if you aren’t ready for the responsibility of owning your own hangar. Each airport has its own terms and conditions with ground leases, and at Monmouth we do our best to accommodate your needs and your schedule.
If you’d like to know more about renting or building custom hangar space, or if you have any questions about our airport, please contact our team at Monmouth Jet Center today. We look forward to hearing from you.