Negotiate a home exchange for your vacation

NEW YORK (CNNMoney.com) -- Yikes! There's a stranger in my house!

The idea of a vacation exchange can be a little off-putting to some, but follow a few simple rules and a house swap could make your next trip both economical and comfortable.

1. Communication is key. The only way to build the kind of trust needed to make you at ease in a home exchange is a steady stream of communication.

Generally, if you are entering into an exchange, you will register on a site like Intervac.com, Diggsville.com or HomeExchange.com. Once you have found an appropriate swap partner, exchange a few emails. From the beginning, you want to make sure you are on the same page as the person with whom you are planning an exchange.

"Then move to the phone or Skype," recommends Richard Beattie, executive editor of TravelandLeisure.com. "It is really like Internet dating. You only get so much from an email."

To prevent problems, you may want to ask for references before agreeing to exchange. And if possible, arrange to meet in one home or the other at the beginning of the exchange.

2. Sign on the dotted line. Many online home exchange agencies offer a basic template to document your agreements and expectations for your swap.

Richard Beattie suggests having "a basic letter of agreement, even if it is not reviewed by an attorney. You want to put something in writing and you want to get a signature on it. It will give you a little peace of mind."

This should outline basics like dates, number of people staying in the home, and if pets are allowed. Additionally, include expectations for home maintenance or car maintenance that may be necessary during the stay.

3. Be a host even when you are not home. Treat your trading partners as you would like to be treated. Before you head out, make a list of any important contact numbers, insurance information and instructions to complicated appliances in your home.

"The more information you leave behind, the better experience they will have and the less likely you are to come home to any broken appliances," says Beattie.

Make sure your house is spick and span and clear out a few drawers or a small amount of closet space so your swappers can unpack and feel at home.

And consider asking a close friend or neighbor to drop in while you are away. This will provide you with some security and may give your exchange partners an opportunity to gain some insight into the culture of your area.

4. Do I need insurance? You don't need additional insurance to enter into a home exchange. In fact, many insurance companies are happy to hear that your home won't be sitting empty while you're on a lengthy trip.

If you are planning to swap vehicles along with your home, you should be fine, too. "There is usually no additional insurance because the people you are swapping with are invited guests," says Beattie. "Generally, they are going to be covered, but check with your insurance provider to be sure."

But be sure to lay out a plan for accident compensation in your contract. You want to make sure the deductible and increased premium are covered in the event that your swappers are bad drivers!