house-keysYou may not be familiar with the concept of home exchange  here in Rockford but it has become a very great way to relocate or travel to a different area of the country.

Did you know that home exchanges are on the rise?

Many Rockford, IL residents along with the rest of the world want to or need to move to a different area for a variety of reasons but with the housing market so unstable these days, don’t immediately want to jump into buying another home. A home exchange helps out both parties.

You can even use home exchanges if you live in a tourist prone area and want to visit another tourist area. The idea is actually quite simple but if you are not familiar with the concept, this article can help you out. You can learn what home exchanges are and what you can expect when you exchange a home.

What is a home exchange?

A home exchange, on the surface, is a very simple thing. Also called home swapping, it is when you agree to let someone use your Rockford, Illinois home in exchange for you using their home. Some people mistakenly confuse home swapping or exchanging as the same thing as a time share. It is not. In time shares you have a certain date that you are allowed to go to this home for a specific amount of time. Plus you have to buy into a time share.

With home exchanges this is not the case. The swap can be temporary or it can be long term depending on each of the client’s needs. Home exchanges first became popular in the 1950′s as a way for people to be able to get away on vacation without spending large amounts of money renting a condo or a hotel room. Later it evolved into a legitimate way to move to another area without the hassle of trying to immediately buy a home. And this is what makes Rockford quite attractive to those looking for a home exchange situation.

How much does a home exchange cost if I want to use someone else’s property?

Some people are not going to charge anything for a home exchange besides a deposit and maybe a cleaning fee. Others may charge you for utilities depending on how long you are going to be residing. If it is going to be a long term home swap, you may be required to get utilities in your name. One thing you definitely need to consider is whether or not your possessions will be covered under the other person’s home owners insurance in case of fire, water damage or theft. If they are not, you may need to take out supplemental insurance to cover your possessions.

The best way to find out what type of monies you are expected to put down is to talk with the other home owner or the agency, if you use one, to detail exactly what you are getting and for the length of time. If it is a long term exchange you may be required to make that person’s mortgage payment as they are expected to pay yours.

If I join a website for home exchange, what type of fees will I pay?

There are hundreds of home exchange websites on the internet these days. Some may charge a hefty fee for the home swap because they do an extensive background check on you and anyone else that is interested in your home. The ones that charge the most fees should be expected to provide you with more information without you having to do a lot of paperwork on your own. But be aware that some websites often charge fees but have little to do with the actual home swap.

If you find a website that does home exchanges you need to do a little bit of investigation first to ensure that it is a legitimate business with your best interests in mind. If you continuously run into complaints on message boards or find that they are under investigation by the Better Business Bureau, you may want to go with another agency or website.

How should I prepare my Rockford, IL home for a home exchange?

The first thing you need to do is ensure that your home is worth someone investing their time and money into. If you have peeling wallpaper, fading paint or damages throughout the home then the chances of you finding someone who will be interested in your home diminishes.

You want to prepare your home just as if you were showing it to a prospective buyer. You should make sure the home is free from clutter and is thoroughly cleaned and repaired. After the home exchange paperwork has begun, you will need to clear your Rockford home of any valuables or collectibles. You can either take them with you or put them into storage.



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