Save Travel Money, Consider a Home Exchange

Folks traveling to D.C. for Barack Obama's inauguration in January are finding that there is no room at any of the inns in town.  But there is another way for them to stay locally, and it can even save money.

The Answer: Temporarily swapping homes with another person or family who is also looking to travel.

“No one does a home exchange with a stranger [per se],”  says Ed Kushins, president of HomeExchange.com.  “Between the exchange of photos, descriptions and conversations, most people feel like old buddies by the time they swap homes.”

Kushins, who founded his company in 1992, says that while a historical event like the upcoming inauguration is likely to spark an increase in home exchanges, the movement has been growing in popularity for years. What started as a compilation of paper listings, resembling a phonebook with about 500 homes, has transformed into a site with more than 24,000 home listings, 60% of them overseas.

“We have listings from New Zealand, Australia, Fiji, Africa, all over, really,” says Kushins.

Participating in a home exchange reduces the cost of a vacation by removing any hotel or rental fees, and possibly transportation fees. It also is an opportunity to live like a local during your stay.

But the concept might not sit easy with everyone. Some people are uncomfortable leaving their homes to visitors for a period of time.

In preparing for a house swap, it is important to consider insurance. “If there is a need for insurance, it would likely be provided by homeowners insurance,” says Vikki Corliss, of  Insure My Trip.