Hotels and hostels aren't the only options for a weary traveller looking for places to lay their head.

Last year a company named www.cosmopolithome.com came up with the concept of Night Swapping. Kind of like a vacation ownership scenario but with very little money. For every night you host someone in your house, you can bank nights to be used at any other members' houses around the world.

You don't have to necessarily swap with people who are staying with you and that's the real genius of it. Unlike the traditional concept of home swapping, you can host someone from London for two nights and then use those two nights being hosted by someone in Bangkok.  The company is tracking to have 20,000 members by end of year.

The other rapidly growing trend is to simply rent a room in someone's house, condo or apartment. The growth of websites like www.Airbnb.com, www.couchsurfing.com and www.homeaway.com over the last three years has been incredible.

All of these options are a great way to mingle with locals and see neighbourhoods that many tourists may never see. If you do go this route, do pay attention to the location of your temporary home. Make sure it's close to public transit. Read the house rules before you book, they are different for every owner so make sure you are clear on cancellations policies, check in and check out times and know there will likely be a full charge at booking. Read reviews from past guests.

On the flip side, if you are eager to make some extra money and wouldn't mind having strangers sleeping in your spare room, here's how to get started.

It costs nothing to sign up but ensure you spend time making your listing enticing to potential guests. Keep your title catchy and concise. Upload quality photos of your space; don't use blurry cellphone snaps. The description of your place should leave nothing to the imagination including details on local attractions, the nieghbourhood and information on public transit. Fill out the house rules section so that your guests can understand what is expected of them before booking. Once the booking is confirmed, Airbnb does not allow you to impose any further rules.

It is up to you to decide how much you charge. To get an idea of pricing search for similar listings in your neighbourhood. You can set different prices for nightly, weekly, and monthly stays, as well as seasonal pricing. You may want to consider imposing a cleaning fee as part of your costs.

Quick and thorough communication with guests before they arrive is essential. Check out their profiles and reviews on the website to ensure you are comfortable welcoming them to your home. You can always say no, however, make sure you respond one way or another. When you receive a reservation request, you have 24 hours to accept or decline the request or it will expire. If you receive too many expired requests it will negatively affect your reviews as a host.

Once they have booked, you will need to coordinate arrival and departure times, as well as key exchanges. Make sure your visitors have any emergency contacts that are required.  As a good host make sure your place is clean and offer supplies like towels, coffee, and local maps. Compile instructions for common appliances like TVs, Internet, and anything else guests have access to. Dust off your welcome mat and you are ready to go!