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August 28th, 2009 | cashrunner | Posted in Frugality, Travel Deals

In what seems to be a growing trend, more and more travelers are giving up on hotels and are instead trading homes with others. The savings can be substantial, especially for long-term stays in exclusive destinations. Instead of paying at least a hundred dollars a night to stay at a nice hotel for several weeks, which can add up to thousands of dollars, you get to stay in someone else’s home for free. You don’t even have to own your home. As long as your landlord agrees to the arrangement, you can trade your rental.

How to Sign Up for a Home Swap

You first have to choose a home exchange network to sign up with. When you sign up, you get to create your own listing and send inquiries to members you’d like to trade homes with.

The three most popular home swapping networks include HomeExchange.com, Intervac International, and HomeLink International,.

HomeExchange.com is by the far the largest home swapping network. It has over 26,000 listings in 126 countries. A one-year unlimited membership costs $99.95.

Intervac International has over 20,000 home listings in 50 countries. A $65 annual membership gives you access to all of their U.S. listings. A $95 annual membership gives you access to all of their listings worldwide.

HomLink International has over 13,000 listings in 72 countries. A one-year membership costs $110. A two-year membership is $176.

In addition, there are many networks that cater to particular niche groups. For example, there is Seniors Home Exchange, which serves people older than 50. JewishHomeSwap.com is geared toward Jewish home exchangers.

If you don’t mind giving up a little control over who’s going to get to stay in your home, you can sign up for International Vacation Home Exchange (IVHE). Unlike traditional home swapping networks, you earn credits for letting others stay at your home. You can then use your credits to stay at homes at homes of other network members. Note that you don’t even have to trade homes at the same time. You can actually save your credits for vacations in more expensive destinations. As you might have guessed, this kind of home exchange network is geared to people who have second homes. Instead of letting your second home go unused, you let other network members stay in it. If you are a frequent traveler, it’s better than renting it out because although you don’t pay taxes on the credits you accumulate, you can still use them like cash to purchase stays at destinations worldwide. IVHE charges a one-time set-up fee of $125 and monthly membership fees of $6.17 ($74 per year) to $31.25 ($375 per year) depending on your membership level. The higher your membership level is, the more credits you can use for any single home exchange. In other words, a higher membership level gives you access to more expensive homes.

Finally, if you are the adventurous type and you don’t want to spend your money on membership fees, there is always Craigslist. However, the potential for fraud is much greater. Craigslist is a magnet for impostors because it doesn’t cost them anything to access it. There is no peer review either. You can’t rely on reviews from other home exchangers because there aren’t any reviews. You will also have to take car of all the arrangements yourself since there is no company to support you.

Six Tips for Home Swappers

1. Be flexible. The more flexible you are, the easier it will be to find a swap partner. For example, you might be contacted by people offering to trade their home in a place you hadn’t originally thought of. You should also be prepared to trade down. It’s not always possible to find a home that is as good as yours. Keep in mind that homes in more popular destinations can be just as expensive as your own home even if they’re smaller.

2. Make your home attractive. You don’t need to live in a mansion, but the curb appeal of your home does make a difference. You’re going to post pictures and maybe even videos of your home. Better-looking homes get better exchange offers.

3. Screen potential partners. In addition to reading member reviews on the home swapping website, ask potential home swappers for references.

4. Communicate. Ask as many questions as possible. Don’t make any assumptions or you may be in for a disappointment. Finding the right person to swap a home with is almost like online dating. Talk to them as much as possible, not just by email but also on the phone, which can give you a good sense of the type of person you’re dealing with.

5. Take precautions. Store away all your personal information and valuables. You can put them in a safe at home or better yet, in a safe deposit box at your local bank. If you haven’t already done so, switch from paper statements to electronic statements for your bank accounts, credit cards, and utility bills, at least for the period that you’re away. You can always switch back to paper statements when you’re back home again. Take pictures of your home before you leave. Also, ask your neighbors to keep an eye on your home while you’re away. Check your homeowner’s insurance to make sure you are covered in case of a loss. If not, you should consider asking the home exchanger for a deposit.

6. Get everything in writing. Just to be sure there are no misunderstandings, be sure to sign a contract with the other home swapper. It’s easier than you think. Many home swapping networks offer sample contracts that you can download.

7. Be a good guest. Take care of the other person’s home. After all, you expect the same of them. You should leave the home in the same condition as you found it. The major home exchange networks have message boards and member ratings. If you are a bad guest, you’ll likely get negative feedback, which in turn can affect your prospects for a future home exchange.

Photo Credit: Jesse Wagstaff

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