Let's say you already own a cabin in Brainerd, MN that you visit regularly, not only for routine maintenance, but also for family vacations and relaxing getaways. Your children love to visit your

lakeside retreat, but this year they're begging for a beach vacation in the Florida Panhandle. If you hate the idea of spending money on accommodations when you already own a second home, there is a way to use your home to save lots of money on future vacations.

If you maintain a current listing on VRBO.com, you can become a member of iTravex.com, a free website that allows owners of vacation properties to earn points by hosting other vacation homeowners. When a registered iTravex member hosts another member at his or her home, that member will earn points toward future accommodations at other iTravex members' vacation properties.  (NOTE: The only cash you might receive is for cleaning or other fees.)

Confused? Here's an example.

Samantha Browning has earned 1200 points by hosting guests at her townhome in Toronto. She would like to visit Lake Tahoe for her next vacation. She browses the iTravex site to see what's available at her point range and makes an inquiry with an owner, Michael Hudson. Michael does have a vacancy that week and he doesn't think it's too likely to get booked, so he is willing to accept Samantha's booking. Samantha will then pay the appropriate guest fees* to iTravex, and her points will be transferred to Michael's account. Michael can then use those points whenever he wishes to book his own stay at a destination of his choice in the future.

Unlike a property swap, the visits do not have to be simultaneous. Guest and Host trips are independent of one another and are therefore classified as “non-reciprocal.” You can of course start as a host, but you can even start as a guest by purchasing points for 15% of the negotiated rent, reserving a stay and then hosting a stay later.  For example, if the rate was $1000, you could purchase points for $150 to be applied to the stay.  (The typical reservation fee* will still apply.)

The point value for a home is based on the homeowner's regular rates.  One iTravex point is equal to one dollar of rent. Ultimately it is up to the host and guest to settle on the total  number of points owed, but many hosts stick to the 1 point/dollar ratio.  However, hosts might be able to fill last-minute vacancies by offering discounts to be applied to the point value of a reservation. This can help build your own points rather than allowing your house to sit empty.

So if the kids are still bugging you about that trip to Panama City or Destin, take a look at your property calendar. If you have some vacancies, consider promoting your home through iTravex so that you can earn points to use for your family's beach vacation.

*To make a reservation at an iTravex property, you will pay 10% of the negotatiated rental rate, saving you a total of 90%.   In other words, if the rental rate is normally $1000, you would pay iTravex just $100.  Prices are subject to change. Visit iTravex.com for updated information.