8 Steps to Aircraft Ownership

8 Steps to Aircraft Ownership8 Steps to Aircraft OwnershipAircraft ownership might seem like a dream for the average pilot, but those who have gone through it know that buying an airplane can be a real nightmare Here are a few tips to help you navigate your way through the aircraft buying process. 01Determine Your Budgetaltrendo images / Stockbyte/ Getty ImagesOnce youve decided on an airplane, youll need to spend some time in the books. A careful inspection of the aircrafts maintenance logs will let you know if its been maintained properly, or if there were recurring maintenance problems in the past.Upon completing the aircraft purchase, you will need to register the aircraft in your name. You can transfer the aircraft registration by sending an application, proof of ownership and $5 to the FAA.Finally, you are responsible for the airworthiness of the aircraft once its in your hands. The airworthiness certificate will transfer with the sale of the aircraft, but its up to you to make sure the aircraft itself is still airworthy. If youre unsure of the position of the aircrafts airworthiness certificate after a sale, contact the nearest FAA regional office (FSDO) for more guidance.07Get InsuredManeuvering your way through the insurance process can be a daunting task. While you might want to put this off until the last minute, it might be in your best interest to begin the process sooner rather than later.Insurance companies typically set the requirements and premiums based on the type of airplane and pilot qualifications. So if you know youll be purchasing a Cessna 172, you can probably get started with the process of obtaining insurance.08Use Your ResourcesBuying an airplane is a lot of work, especially if its your first one. Itis a good time to call upon your fellow aviators, mechanics and aircraft owners to help.If youre a member of any professional aviation organizations, review your membership benefits and use the resources that are available. AOPA, for exam ple, is a great resource for aircraft owners. Professional aviation organizations may also offer insurance discounts and other perks that the first time buyer might be interested in.