What you should know about a home exchange

Housing swaps, or home exchanges, are quickly becoming a popular method of vacationing to avoid high lodging costs. There are a few things, though, that you might not know about home exchanges and should consider before giving it a try.

The benefits of staying in a private home are numerous, and home exchanges can be a great way to travel.

1. Homeowners don't corner the market. Just because you don't own your home doesn't mean that you can't participate in a home exchange. In fact, whether you have a condo, co-op or are renting, you may be able to allow others to stay at your place. Just remember to get permission from your condo association or landlord before signing up hot a home exchange program.
2. Not all housing swaps are free. Though home exchanges are attractive because they are very inexpensive, be aware that if you set up your deal through a home exchange website, you're likely to pay a small fee. This fee is related to the service provided by the website and not the swap itself, though, and is far less expensive than vacationing at a hotel. There are some free home exchange websites out there, but most safe and reputable ones are going to charge a fee.
3. Home exchanges aren't always about homes. Many people are surprised to find out that a home exchange doesn't necessarily constitute an exchanging of homes. In fact, RV and yacht owners also participate in housing swaps. This means that you could lend your home out to someone who wants to visit your city while you end up sailing around on a borrowed yacht for a pleasure cruise.
4. There are many types of exchanges. There are several types of exchanges you can take part in. The most familiar is the simultaneous exchange. This is an exchange that occurs when you're staying in a person's home while they're simultaneously staying in yours. A non-simultaneous exchange, though, occurs when you're boarding at the other individual's vacation or second home. A hospitality exchange occurs when a person stays in another person's home while that individual is at home. There are websites that help match travellers to available spare rooms for a hospitality stay.