Jordan Goodman is the author of Everyone's Money Book, available at 888-201-6300. This is the third edition of the book. You can also visit his Web site at www.moneyanswers.com. He talks with us on Thursday mornings.

April 25, 2002

"Vacations Through Home Exchanges"

Host: Need a vacation? Don't want to stay in a hotel? In this week's edition of "The Road To Riches," Jordan Goodman has a suggestion for you -- house swapping.

If you always wanted to go somewhere in the world but not stay in a hotel and act like a tourist, home exchanging may be for you. You get to live in another family’s house in a place you want to go, and the family, in turn, lives in your house, usually for a week.

There are several advantages to this kind of vacation:
1. You save a lot of money. Neither side charges and so no money changes hands, avoiding the cost of hotels, hotel food, car rentals and other expensive travel services.

2. You get to live in a fully furnished home, so your kids might each have their own rooms, and you have a refrigerator, TV, and all the comforts of home.

3. You get a more authentic experience of living in another country, instead of just living as a tourist.

There are some aspects of home exchanging that you have to careful about:
1. Pick your home exchange very carefully by asking lots of questions about the house and its amenities, and local activities. E-mailing the prospective exchanger works well. Make sure you also exchange pictures of your houses so you really know what you are getting.

2. Discuss all your concerns openly with your exchange partner -- after all, you are opening your home to a stranger from hundreds, or thousands, of miles away.

3. When you have agreed to an exchange, plan the details carefully. Give them a list of plumbers, doctors, helpful neighbors, directions to the grocery store, etc.

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