The Cottage Ownership Guide: How to Buy, sell, Rent, Share, Hand Down, and Retire to Your Waterfront Getaway.

Janet Arnett is the former campus manager of adult education at Ontario’s Georgian College. She is the author of Antiques and Collectibles: Starting Small, The Grange at Knock, and 673 Ways to Save Money.

For most of us, the image of a cottage is that of tranquil sunsets, kids diving off the dock, and loons calling over the lake. Hunter helps put aside that romantic image while dealing with the reality of cottage ownership — what can go right and what can go wrong.

The guide is all about cottages for personal (non-investment) use, and although back-lot properties receive a few mentions, the focus is on waterfront properties. Canadian and U.S. issues are covered, with flags used to alert readers to differences in cross-border regulations and taxes.

Hunter’s approach is to look at cottage ownership from a practical perspective. What are the objectives the acquisition must meet? How will it be financed? Do the mechanical systems meet municipal requirements? Is there a budget for ongoing repairs? What are the tax implications and the impact on estate planning? There are sections on researching a lake, selecting and working with a real estate agent (for both buying and selling the cottage), co-ownership agreements, building inspections, renting the cottage for income, cottages on leased land, easements, tear-downs, home equity loans, insurance, capital gains, return on equity, added-value issues, bequests, gifts with life interest, trusts, and how to determine if the cottage is suitable as a retirement home.

The text is solid, written in a style that strives for a light touch without sacrificing financial and legal details. There are dozens of sidebars with tips, cautions, case studies, checklists, and self-evaluation questionnaires. Numerous references are given to relevant websites and the large amount of information packed into the text is made accessible through an especially well-thought-out index.