My Parents have lived for over 20 years in Florida at the Spruce Creek residential airpark. They tell me that the Hangar, as it is not a living space, is not considered in the valuation for a home mortgage. My guess is the tax man has no problem recognizing it as a revenueable event / thing. I would have guessed in a situation like that, with runway access, it would have a positive effect on the valuation of the property.
Is this a Florida thing or is this another obstacle to living next to your airplane?
Here’s a response from Lenny Ohlsson, Broker and Realtor at Spruce Creek Fly-in who has been working at the airpark almost since its inception:
Spruce Creek has no problem with obtaining mortgages and the hangar does provide value to the property. In fact, property on a taxiway is about double the price of non taxiway property. All the local banks and mortgage companies know the value of the hangar and are more than willing to lend money for hangar homes.
Pat and I have been here for 22 years and this is the first I heard of this.
Spruce Creek Fly-In Realty