Would You Swap Homes With a Stranger to Save on Hotel Costs?
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What is the main topic discussed in this episode?
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Here's your Money Briefing for Friday, July 5th. I'm J.R.
Why are travelers turning to home swapping to avoid rising accommodation costs?
Whelan for The Wall Street Journal. Finding a place to stay when you're on vacation is getting more expensive. And that's leading some people to consider making reservations at Home Sweet Home. Someone else's home, that is.
People keep their clothes in their closets. They move them over so you have space to hang up your own clothes, but their pictures are still on the walls. These are very much the homes that people live in day to day, not vacation rentals managed by a property manager.
We'll talk with our travel reporter, Alison Poley, about home swapping after the break.
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For many travelers, ideal accommodations might be a home they've swapped with someone else.
How do online home-exchange platforms like HomeExchange and Kindred actually work?
Wall Street Journal reporter Alison Pohle joins me. Alison, how does this work? How do people arrange to swap homes with someone else?
There are a lot of movies about this. Some people might have seen the movie The Holiday where it's a classic rom-com where people go on vacation and stay in each other's homes. But that process is formalized because there are a lot of websites now that let people sign up to list their home and swap with someone in reverse. So a lot of these sites will charge a membership fee and do some vetting of the members and let people have a sense of mind before they exchange with someone else.
So we saw it in the movie, but is this something new for people in the real world to be doing this?
It's becoming a lot more popular as the cost of travel is going up and as people are seeking more authentic experiences. You know, they want to get off the beaten path. They want to do something different. The membership sites that people can sign up for have seen a lot more people listing their homes so far in 2024 compared to last year even.
What kind of companies do this?
There are companies called Home Exchange, People Like Us, Kindred.
How much does it typically cost to join a home-swap membership service?
So a lot of these charge a membership fee. Once you pay the fee, you can list your home on there.
What does it typically cost to swap homes with someone?
So the membership fees range widely, but often they range from $150 per year to $300 or $400 per year. And people say that the cost...
So what benefit does a home swap have over, say, a hotel or Airbnb or Vrbo?
So it's a lot cheaper. A lot of times you do pay the membership fee, of course, but then it's free. So you're not paying the fees that everybody complains about, taxes, the cleaning fees, those types of charges that can really add up for people, especially as the cost of travel has gone up. At the same time, a lot of people say they really like spending time in a local environment because you are living in someone's home. It's a home that's their primary residence. And so you're getting to live life as they do.
What sort of arrangements do people make with each other regarding I'll live in your home, you live in my home?
There's a lot of conversations that happen beforehand if this is done well and done the right way. So most of the time people say they video chat with the person who they might be swapping with to see if they get a good feeling or if it's a good fit.
What are the main savings and experiential benefits of swapping homes vs. hotels or Airbnb?
And oftentimes they'll give a tour over Zoom or FaceTime to show what their home looks like. So there are no surprises there. Then they get into some more specifics in terms of what exactly might be off limits or permitted during the stay. So some people lock up their most valuable items in a room so people can't access it and they might take their car keys with them so no one is driving their car.
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Chapters
7 chapters
1
What is the main topic discussed in this episode?
0:01–0:32
2
Why are travelers turning to home swapping to avoid rising accommodation costs?
0:32–2:03
3
How do online home-exchange platforms like HomeExchange and Kindred actually work?
2:03–3:08
4
How much does it typically cost to join a home-swap membership service?
3:08–4:33
5
What are the main savings and experiential benefits of swapping homes vs. hotels or Airbnb?
4:33–6:08
6
How do swap partners vet each other and set ground rules before the exchange?
6:08–8:27
7
What safety, insurance, and cancellation protections should swap participants ask about?
8:27–10:16
Speakers
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