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Home Swapping in Paradise
Published Date : January 30, 2019
Gorgeous weather, fantastic food and easy access to both the mountains and beaches make Northern California an extremely attractive place to live and one of the most popular vacation destinations in the world. For homeowners who like to travel and are looking to trim their vacation budget, or simply want a unique travel experience, the idea of home swapping may be appealing.
The use of sharing economy services like Uber, eBay and Airbnb have made the idea of swapping homes with total strangers seem exotic and exciting, not scary, in a way that few of us could have imagined a decade ago. Home-swapping sites like HomeExchange.com and HomeLoveSwap.com have gained in popularity as technology has allowed more people to work remotely and travelers look to ‘live like a local’, rather than a tourist. If this way of seeing the world is enchanting to you, here are some things to consider before you dive in:
- Insurance Coverage: Before imagining yourself on the deck of someone else’s house or listing your own home for a swap, call your insurance broker for advice. You do not want to learn the hard way that a homeowner’s claim has been denied because some of your art collection disappeared while you were away – and it wasn’t due to a break-in. The same is true for you as the borrower. What is your liability if there is an accident while you are in someone else’s home? Bottom line, you need to be sure you have appropriate insurance coverage as both the lender and the borrower. Some home-swapping sites now offer insurance coverage that might seem like enough, but this is no replacement for personalized insurance advice. Your home is likely one of your largest assets, so take the time and ask the questions necessary to be sure it is well-protected.
- Expectations: Will you be expected to tend to a garden or care for pets while you’re staying in someone’s home? Will you also swap cars? All of these details will be left for you and the other homeowner to work out. Home-swapping sites allow you to promote your own listing and look for others for a fee, but the details of the swap are left to you to work out. It’s also important to know that the home-swapping sites have not visited the listed properties to vet them for you. It wouldn’t be a bad idea to communicate via FaceTime or Skype so you have a better sense of both the property and person you are dealing with.
- Details, Details: Be sure to triple-check important, but seemingly impossible to forget details, like where to get the key and how to operate the appliances of your swap home. Likewise, if there are idiosyncrasies of your place (“Just jiggle the handle when you flush!”) or your neighborhood, be sure to share them. The more you know before you go, the more likely you both are to be comfortable and enjoy your stay.
Anyone who has traveled knows the potential benefits: stress reduction, fun and appreciation for new cultures. Simply planning a trip and having it to look forward to can boost your happiness. Home swapping may seem like the ideal way to achieve all of this, while traveling less expensively and for longer stretches of time. And it might be just that for you and much more. Just be sure to do your research ahead of time so that you can truly relax and get away with peace of mind.
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Information provided in written articles are for informational purposes only and should not be considered investment advice. There is a risk of loss from investments in securities, including the risk of loss of principal. The information contained herein reflects Sand Hill Global Advisors' (“SHGA”) views as of the date of publication. Such views are subject to change at any time without notice due to changes in market or economic conditions and may not necessarily come to pass. SHGA does not provide tax or legal advice. To the extent that any material herein concerns tax or legal matters, such information is not intended to be solely relied upon nor used for the purpose of making tax and/or legal decisions without first seeking independent advice from a tax and/or legal professional. SHGA has obtained the information provided herein from various third party sources believed to be reliable but such information is not guaranteed. Certain links in this site connect to other websites maintained by third parties over whom SHGA has no control. SHGA makes no representations as to the accuracy or any other aspect of information contained in other Web Sites. Any forward looking statements or forecasts are based on assumptions and actual results are expected to vary from any such statements or forecasts. No reliance should be placed on any such statements or forecasts when making any investment decision. SHGA is not responsible for the consequences of any decisions or actions taken as a result of information provided in this presentation and does not warrant or guarantee the accuracy or completeness of this information. No part of this material may be (i) copied, photocopied, or duplicated in any form, by any means, or (ii) redistributed without the prior written consent of SHGA.
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All video presentations discuss certain investment products and/or securities and are being provided for informational purposes only, and should not be considered, and is not, investment, financial planning, tax or legal advice; nor is it a recommendation to buy or sell any securities. Investing in securities involves varying degrees of risk, and there can be no assurance that any specific investment will be profitable or suitable for a particular client’s financial situation or risk tolerance. Past performance is not a guarantee of future returns. Individual performance results will vary. The opinions expressed in the video reflect Sand Hill Global Advisor’s (“SHGA”) or Brenda Vingiello’s (as applicable) views as of the date of the video. Such views are subject to change at any point without notice. Any comments, opinions, or recommendations made by any host or other guest not affiliated with SHGA in this video do not necessarily reflect the views of SHGA, and non-SHGA persons appearing in this video do not fall under the supervisory purview of SHGA. You should not treat any opinion expressed by SHGA or Ms. Vingiello as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of general opinion. Nothing presented herein is or is intended to constitute investment advice, and no investment decision should be made based solely on any information provided on this video. There is a risk of loss from an investment in securities, including the risk of loss of principal. Neither SHGA nor Ms. Vingiello guarantees any specific outcome or profit. Any forward-looking statements or forecasts contained in the video are based on assumptions and actual results may vary from any such statements or forecasts. SHGA or one of its employees may have a position in the securities discussed and may purchase or sell such securities from time to time. Some of the information in this video has been obtained from third party sources. While SHGA believes such third-party information is reliable, SHGA does not guarantee its accuracy, timeliness or completeness. SHGA encourages you to consult with a professional financial advisor prior to making any investment decision.
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