A vacation is great. There’s no doubt about it. But if you’re going away for a long time, a trip can be costly when you stay in a hotel and dine out every day. However, there’s a cheaper alternative called house swapping.
Also known as a home exchange, a house swap usually involves two families who agree to offer each other a place to stay for a period of time. Not only is it more affordable than Airbnb, it can be more comfortable and much less cramped than staying in a hotel room. Also, your home won’t be empty while you’re away.
You can search online classifieds to find a potential partner, but there are a number of sites out there that specialize in this type of arrangement, such as HomeExchange, HomeLink, and Intervac.
Although these sites don’t scrutinize the properties that are listed, it’s better to go through one of these companies just to be on the safe side than using an online classifieds site. Many of these sites offer a free trial to see what’s available and list your property, but you do need to pay to make an exchange with another member. The costs for a one-year membership vary between $129 and $150.
Now that you’ve decided to take the plunge, here’s some advice for house swapping:
Your home insurance policy does not usually provide coverage if your property is occupied by someone other than yourself or your family. For instance, renting your space through online sharing platforms means you’re taking on all the risk if you don’t have coverage for such an endeavour. Err on the side of caution and talk to your broker or insurer before agreeing to a house swap.
Also, if you decide to swap vehicles or let someone drive yours, you should verify that your car insurance allows you to add a guest driver, otherwise, lending your car to another driver means you are also lending your insurance. And check if there’s a clause that prevents your vehicle from being driven by someone without a Canadian driver’s licence.
The idea of a house swap may sound foreign to you. But if you play your cards right and ensure you have the right home insurance coverage, your next vacation can end up being a lot less expensive, and make you feel right at home in someone else’s place.