Thousands of rentals just got wiped off the map in NYC. A new law bans Airbnb rentals, and you better believe people are scrambling for alternatives to expensive hotels.
That’s where home swapping comes in. And yes, it’s exactly like the movie “The Holiday” (Jude Law not included, bummer).
Seasoned home swappers say it’s the best thing since sliced bread, but how safe is it? Where should you look? I’ve got the lowdown.
Having suite dreams
Home exchange networks aren’t a new concept. Teachers looking for a more affordable way to see the world over their summer breaks pioneered the idea, and then there are the hikers and couch surfers.
Now, high-end property owners pay a pretty penny to become members of exclusive networks. If you want to swap homes with like-minded others, there’s a group for that.
There are dozens of options on Facebook — everything from solo women over 50 to alums from specific universities to vegans. (No leather couches!) You can also find groups dedicated to travel within particular cities and countries.
Swap safely
Some folks make arrangements on social media to avoid waitlists and fees. There’s a risk there, of course. You’ll need to do your own due diligence versus letting a third party handle it.
My advice: Eat the fee the first time to see if home swapping is for you. If you really want to skirt the waitlist and meet someone on social, you need to know their home and identity. Secrecy is the first red flag. If the other party refuses FaceTime or video chat, say no thanks.
What about your home? If you’re a renter, check your rental agreement for restrictions and rules around subletting. If you own your home and still owe on your mortgage, see if your contract allows you to rent your place. Going against restrictions could cost you penalties and fines.
Insurance is part of this convo, too. Ask your provider if your renter’s or homeowner’s policy extends to anyone you swap homes with. You may need to take out additional liability coverage.
🦺 Guardhog and Pikl specialize in insurance just for home sharing. Who knew?
Arrivederci, beaches
Although people trade homes on Facebook and Instagram, going through a vetted third-party website is your safest bet. Here are a few to check out:
- HomeExchange rewards members with loyalty points for each year they renew a membership. A subscription costs $220 a year.
- HomeLink has been around for over 70 years. Memberships start at $115 monthly and you can get a 30-day free trial.
- Complete an application on Thirdhome to become a vetted member. They have access to luxury residences in over 100 countries, meant for folks who already have a primary and secondary home. Fancy!
Whether swapping or renting, remember to protect your stuff. Store all of your valuables in a $21 portable locked safe. Lock any closets and rooms off-limits to guests. Know someone who loves to travel? Share this post with them so they’re in the know, too.
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