Owning a jet is not easy, especially when it is controlled under the FAA. It incorporates a lot of procedures and you have to follow them strictly to avoid any mess. Bear in mind, you have to be a little patient as well. There are lots of decisions to be made by the FAA before declaring you as the owner of an airplane. The ownership type, new or old purchase, registration formalities, aircraft title search and many more things need to be done before they let you fly your jet. Don’t try to complete this process on your own, without the help of a professional team who has been in this field for a long time.
The most common mistakes you should avoid while purchasing an airplane are;
Buying Any Idea
When you are going to invest in such a big asset or airplane, you should not consider a novice’s advice about it. Your acquaintances may have different requirements and accordingly they choose their airplane, but yours may not match theirs. Therefore, you should not buy into any idea without looking at your needs and preferences and consulting a professional.
Not Considering The Purchase Option
There are two ways for you to get your jet. You can go for a new jet or a pre-owned one. Both have pros and cons. You might think that a new airplane is a better option, but there is the catch of a tip-to-tail warranty that lasts for five years. Whereas, a pre-owned airplane has the good option of bargaining. But you have to make sure that the jet complies with all FAA regulations. This can be expensive and time-consuming.
Not Understanding The Taxation
There are lots of rules and regulations associated with an airplane purchase, aircraft title search, registration and others. The exemptions, international rules, loopholes and other considerations have to be kept in mind for a hassle-free purchase and use of it. Based on the management of your jet, place of purchase, destinations and delivery place, the processing of the ownership depends. Consultation from an expert is needed when dealing with all of these things.
No Inspection before Purchase
Before finalizing the deal, no matter how good of condition it is in, you need to inspect the airplane to ensure it is completely safe to fly. A trusted mechanic that has all of the required certificates and a valid license should be hired to check the airplane over. If the mechanic finds out any problem, you should immediately get a consultant to use these chips for a better-negotiated price.
Not only for your investment but your safety and security as well, is dependent on the jet you are purchasing. Therefore, before making an aircraft title search and registering it, be sure that you are signing a great deal. Consult Aero Title for further consultation.