OVERSEAS VILLA OWNERS HAVE A NEW WAY OF BEATING THE CREDIT CRUNCH!
October 28th, 2008 at 10:33am Under About Villa Exchange+ Save Money with Villa Exchange
With the strengthening of the dollar and the Euro against the pound, many owners who have bought properties overseas have been hit by the double whammy of increased running costs and possibly higher mortgage re-payments.
If the properties are rented out, there is probably a third whammy in the form of increased competition on rentals, which means that they have to negotiate lower rates with potential clients.
It’s at times like these, when everything is going against you that a little lateral thinking is required and it pays to search out for new options on how you can get the most out of your holiday home.
Canny owners like Ann and Chas Cameron, featured in a recent travel article in the Saturday Telegraph by Graham Norwood, joined Select Exchange and enjoyed a two week free accommodation in the luxurious Discovery Resort in Marigot Bay St. Lucia by exchanging their holiday home in Cyprus, thereby saving several thousand pounds!
“The arrangement gives us predictability, with the convenience of quality and a good holiday home but without having to visit the same place every time, the resort is five star and the actual accommodation is used by the resort when the owners are not using it” says Ann Cameron.
“The idea of home exchange is not new, but what is novel with Select Exchange is the fact that every holiday property is rated, according to their rental value, like hotels. It makes perfect sense”, says Michael Reilly, “the director of Select Exchange; most of the properties in the scheme are situated in upmarket resorts and are rented out anyway, so the members know the value of the other member’s homes.”
By introducing a point system at 1 point per £1, owners swap points for the difference in values which they can use when visiting other properties. The website; www.selectexchange.co.uk works everything out and allocates points to members when they join and when they exchange.
The scheme can also increase rental income via a third option, whereby members can accept a one way exchange. If one party cannot travel, they simply request an amount of points (and or rent) that they feel is acceptable.
The joining fee is £10 and there is a small introductory/administration charge when the members exchange, but well worth paying when considering the total savings.
Details on; www.selectexchange.co.uk or tel. 0044 (0) 1202 769 570
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