Start with the ownership structure. A hangar may be fee simple (you own the land and structure), a ground lease (you own the structure on land leased from the airport), or a condo-style arrangement with shared common elements. Each has very different resale and financing implications. Ground leases in particular have a remaining term that directly affects value — a hangar with five years left on the lease is worth much less than the same hangar with thirty.

Check for FAA grant assurances on the airport. If the airport has accepted federal grants it has obligations under Grant Assurance 22 (economic non-discrimination) and Grant Assurance 29 (airport layout plan compliance) that can restrict hangar use — for example, prohibiting non-aeronautical storage or residential occupancy.

For airpark homes, read the HOA covenants closely. Runway maintenance fees, taxi-access easements, maintenance restrictions, and aircraft-storage requirements are often spelled out in the CC&Rs and can surprise owners who skim them.

Finally, confirm the current zoning permits the use you plan. Some jurisdictions zone airpark lots for residential use only; others allow limited commercial or flight-training operations. A quick call to the local planning department saves a lot of heartache.