Building a homebuilt experimental aircraft means dedicating a fair amount of time, some perseverance and resources into your new aircraft project. But the rewards for this investment, when finished, are much higher. Having built an aircraft with your own hands, the smoking start of the engine running for the first time, initial taxi runs and the exiting first flight before flying between the clouds into the sunset...

Insurance is important too, especially in aviation. We also look at the cost of your project as this will be substantial. Paint jobs aren't cheap, if you want the airplane to look as it came from a showroom.

Insurance and other cost

Aircraft insurance
By all means have your kit insured. A special builder insurance doesn't cost that much and if anything happens during construction you have got that section covered. Some companies have, if needed, a special aircraft financing or aircraft loan arrangement, this way you can be sure your project can and will be finished.

Cost to build
What is it gonna cost me, I hear you ask. Well, aircraft kits from Vans Aircraft or Murphy Aircraft can be bought for about 20,000 to 25,000 USD for the average kit they sell. Exceptions like the Murphy Moose (there is even a turbine Moose!) will be some 36,000 USD, but that is a BIG homebuilt. Pricing will also vary if you go for the quick built, these are higher as the manufacturer has done 49% of the work for you. And this is without engine, paint and instruments. If you go overboard with things like EFIS, HSI and dual COMM / NAV or GPS sets and or autopilots then the price of the instruments can be as high as the kit itself and usually higher. For builders not residing in same the country as the kit manufacturer count on higher transport, customs and tax fees. These can be as high as 20 to 25% of the kit price depending on your local tax law.

Cost to maintain
When your aircraft finally flies you will need to cover cost for insurance, hangar rental (not if you own a hangar), a new engine and or propeller when its time to replace these and last but not least fuel. Regular maintenance cost will include things like regular inspections, licence renewals, oil changes, oil and air filters, tyres and other consumables.
It would be wise to set up a extra bank account in which you deposit an amount of cash for every hour you fly so that when the time comes to spend it the money is there.

Credit card
Having a credit card is going to help too when making online purchases for your aircraft. Make sure that when you are going to do a payment, the site is secure (https). Most aircraft manufacturers and or parts suppliers accept all major credit cards. Payment by bank transfer can be done too, make sure to obtain all bank information, SWIFT/IBAN codes, bank name and address and account details. Bank transfers usually are cheaper than credit card transactions.

Plans, slow or fastbuilt
There are 3 main categories of homebuilt airplanes: plans, slow or fastbuilt. Those that design their own airplane fall under the plans built types. This will take a lot more time than a slow or fastbuilt. It still might be the cheapest way to go. But it requires you to obtain or buy the plans (or maybe design your own) and buy all raw materials (these materials must be aircraft quality) yourself. I would prefer the slow or fastbuilt route. This way you get a complete kit (partially built in case of fastbuilt) and you can see results much sooner. Which is handy to keep your spouse happy seeing you making some progress..;-)

Two or more seats
Some manufacturers have more than two seats in their kits. Lancair has one and Murphy Aircraft with their Moose even has six. Check with your local government if an experimental/homebuilt aircraft is allowed to fly with more than four seats / people onboard. Expect insurance to be somewhat higher with more seats in the aircraft.