This updated "Vacation Properties" second edition of the 2004 original is a solid and comprehensive piece of work that fully justifies its lengthy subtitle: "The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment."
Christine Hrib Karpinski, who with her books, seminars, media appearances and website (howtorentbyowner.com) is regarded as an authority on vacation homes, says 50% of this volume is new or revised material from the original.
That claim, combined with the sheer density of information between its covers, makes this pretty much the definitive book on vacation rentals and a good value for the money.
The author first paints the big picture, looking at the ins and outs of buying, financing and insuring vacation homes.
"Insurance is by far the most common concern of vacation rental property owners today," she writes, responding with perhaps the most detailed and valuable chapter in the book. "As soon as you mention the mere words 'vacation rental home' you'll find it difficult to come across an insurance agent who will give you the time of day, much less write an insurance policy."
Karpinski says the main reason for this reluctance is catastrophes -- hurricanes, tornadoes, floods and wild fires -- have piled up billions of dollars in claims. She notes that vacation homes are often in high risk areas while insurance companies sense additional risk with homes that may sometimes be empty, at other times occupied by strangers.
Drawing on personal experience as a vacation property owner, Karpinski burrows into a number of key topics with such thoroughness that she raises, and then deftly answers, questions most potential buyers would never think to ask.
"You must be an actively involved owner!" Karpinski tells readers, adding that self-management is the only way to maximize vacation property income. "Cut out the middleman and you win."
There are chapters on how and where to best advertise your property, how to screen renters, how much to charge, how to keep track of reservations, payments and deposits, how to handle keys, and how to find reliable cleaning and maintenance staff.
Karpinski looks at the pros and cons of renting to family and friends; she encourages pets (at a price) but very firmly discourages smokers; she loves families with small children but is much less fond of any renters under age 25.
