A Property Owner’s Guide to Home Sharing Pros, Cons, and Facts

With the travel industry steadily growing again, many people are looking for vacation rentals for their next big trip.

If you own a second home, and you love to travel, then home sharing might be exactly what you need to make the most of your real estate investment!

Interested in learning more about home sharing? Keep reading to learn about the facts, pros, and cons of home sharing.

What Is Home Sharing?

Home sharing is an interesting part of the sharing economy that has dominated the travel industry in the past decade.

The idea is simple. Instead of staying in a hotel, people rent space in other people’s homes, participate in home exchange, or volunteer their time and services in exchange for accommodation.

Depending on the kind of home sharing you are interested in, there are different home sharing websites that can help you. For home owners, home sharing through home exchange programs can provide increased mobility and travel opportunities in destinations around the world.

Facts About Home Sharing

In 2018, according to the National Association of Home Builders, there were 7.5 million second homes. For a home exchange, people exchange access to their second home for the opportunity to stay in someone else’s second home in a different location.

Since the start of the pandemic, the number of people booking long-term (monthly) stays on home sharing sites has increased dramatically. With the rise of remote work, people are looking for opportunities for a change in scenery.

Home sharing is particularly popular among more mature travelers. Home sharing for seniors is the perfect way to make the most of your retirement.

The Pros of Home Sharing

There are many benefits of participating in a home sharing program. The primary benefits are financial. A home exchange program allows you to leverage your investment in your second home in order to save money on future travel.

For many people, a second home is a major investment, but they rarely spend the majority of the year there. With home exchange, you can use the time that you weren’t in your home anyway as a financial opportunity. You can receive reduced rates at other people’s second homes around the world.

Staying at rental homes also provides you with more privacy (especially for larger groups). You have all of the amenities of home that you’d need for a longer vacation, unlike at most hotels. Booking is easy and accessible through home sharing websites.

The Cons of Home Sharing

Home sharing through home exchange doesn’t have many negatives! There may be times when you cannot spontaneously visit your second home because you allowed another program member to book it for their vacation. However, that doesn’t mean you can’t go and explore a whole new place!

For some programs, there is a minimum value that your home must reach in order to be accepted. While this may go in the con category for some people, for those in the program, this provides an assurance of quality and luxury that can’t be beaten.

When you sell your home to Property Buying Company, they will pay for the entire process of selling your home. This includes the appraisal and lawyer fees as well.

Your Next Adventure Awaits!

Are you ready to benefit from access to luxurious second homes around the world? There are so many new locales to explore, and home sharing can be your ticket to parts unknown.

Planning your next trip? Head to our Travel category to read more articles about destinations around the world!