5 Easy Ways to Become a House Swapper--Permanently

5 Easy Ways to Become a House Swapper--Permanently

You are probably familiar with the concept of house swapping from the film The Holiday, which features two vacationers swapping their homes for a week. A vacation home swap trend hit the world after the airing of the movie and many began to enjoy the benefits of being party to vacation house swapping. What you are probably not familiar with is the fact that permanent house trade has become a trend as well. And it isn't a new trend either-more of a revived trend from the 1950s and 60s. In the current housing market, where it is difficult to sell your home, it may be a trend worth looking into.

Home exchanges are not for everyone, but there are circumstances that create an ideal situation for a swap of this kind. Relocation plays a big role in permanent house trade. Senior citizens who want to move closer to their grandchildren and young adults who are transferred because of their job are just two examples of people who can benefit from a home swap. In a few steps, house swapping can become a reality.

House swapping in 5 easy steps

1. Choose a location. The first step in a house swapping expedition is to choose the location where you want to move. It could be to another state. It could be one town over, but until you choose a location, you cannot continue on with your home exchange endeavors.

2. Find interested swappers. Once you have a location chosen, you need to find swappers who are interested in moving to where your home is located and who own a home located where you want to move. How do you do that? Fortunately, there are websites like pad4pad.com that allow you to search for house swappers that fit your needs. Once you have a list of potential homes, narrow down your choices to the ones you are interested in pursuing.

3. Make arrangements to look at the home. Once you have narrowed down your list, your next step is to schedule a time to view the home you are interested in. You'll also need to schedule a time for the other party to view your home.

4. Make a deal. Once you have located the home you are interested in swapping your home for, it is time to strike a deal. Negotiating the contract and purchase and selling prices of the homes is the same as it would be for any real estate transaction. The only difference is that the buyer and seller have dual roles in the process-you are both buyers and you are bother sellers. There also needs to be a contingency in your contract that says the purchase of your new home is contingent on the sale of your existing home and that the transactions must occur simultaneously.

5. Close the deal. Once you have negotiated the deal for the purchase of your new home and the sale of your existing home, you are ready to move through the process like a regular real estate transaction, and close the deal. You apply for a mortgage or financing the same way, you have an inspection done on the property, and you have a title search conducted. You go to the closing table to sign all of the paperwork-all the same. The only difference is that you are buying each other's homes in a home exchange.