Home swap has become a very popular idea among Britons. Indeed, especially for people living near major sport events, festivals or popular areas.

“During the two weeks of Wimbledon, for example, lots of homeowners who live nearby will have planned their summer holidays in order to vacate their homes and rent them out to avid tennis fans,” says Karl LeBrasse from Badger Holdings, parent company to Townends and Regents Estate Agents.

This month the new SwapMyCityPad.com website has been launched and aims at acting as an intermediary between home owners and members in order to keep in touch with each other via the site. However this idea is not new and it’s been there since; Homelink is one of the longest established agencies.

The benefit of home exchange is that not only you will save money on accommodation rather than booking expensive hotels, but as well you will experience the local neighbourhood and get away from tourists areas.

Nevertheless you need to be very careful before thinking of letting your property to a perfect stranger as well as your personal possessions. Indeed, you can still visit www.chectravel.com where you will be able to find useful tips and advice.  Moreover, it is very important that you let your insurance know of your intentions and check if your property would still be covered in case of accidental damages while you are away. “Call your insurer,” says Mike Pickard from Esure. “Restrictions on the policy may be enforced due to this additional risk.” If you live near a major events venue but don’t want to rent your home out entirely, you could make the most of the prime location by turning it into a bed and breakfast.

According to Karl LeBrasse, “This is a great way to earn rental income while on holiday, and can provide peace of mind that the property is not left empty”.

Currently, the main drawback is the amount of properties available. Searching for exotic countries and particularly cities don’t turn up that often. However, the more people that use it the better it will become.

For Residential Landlord Insurance, please visit Discount Landlord Insurance.