Home-swapping Q&A
With more than a third of people looking to cut the cost of getting away this year***, could a home swap be the answer?
Home swapping holidays (or home exchanges as they can also be called) are having a moment in the sun. The Homeexchange swapping site saw a 181% surge in home exchanges arranged in January this year compared to January 2022.
At a time when we’re keen to make up for lost travel opportunities during the pandemic, but equally mindful of the need to spend less during the cost-of-living crisis, it’s not hard to see the appeal: you save on accommodation costs while holidaying like a local. According to Guardian Home Exchange, some of its members save over 90% on the cost of their holiday.
HOW DOES IT WORK?
In principle, two parties agree to holiday in each other’s homes (or holiday homes) for a set period, free of charge. There are a number of well-established membership-only holiday exchange websites through which you can advertise your home (costs vary from £59 a year up to £144), make contact with people living in properties all over the world and arrange a swap. Some websites also offer a points-based system: you earn points when members stay in your house and you can use them to arrange a holiday swap of your own for when and wherever you want.
IS IT SAFE?
There’s a principle of trust that underpins the whole concept. Just as you are letting strangers into your home, they are letting you into theirs, so it’s in everybody’s interests to treat the accommodation as if it’s your own. Both the host and guest leave feedback about each other on the website, which helps keep standards high. It’s also worth checking a home-swapping platform’s reviews on Trustpilot before signing up.
AM I COVERED?
‘It’s important to contact your home insurance provider to tell them about your intentions,’ says Helen Phipps, insurance expert at Compare the Market. ‘While some providers may allow you to extend your policy while you’re letting or exchanging your property, others may have different terms.’ You might also want to take out liability cover to meet the costs of compensation if any guests get injured on your property, and home emergency cover in case your guests need quick support for issues such as burst pipes, Phipps adds.
Check that the terms of your mortgage, if you have one, allow you to rent out your home to avoid penalties, and whether your local authority has any restrictions on short-term lets.