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One-way award travel: are there drawbacks?

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Both airlines I have miles with allow one-way award redemption. I'd like to redeem the fewest amount of miles for two economy tickets to Europe for next summer.

I assume the best time to look for award travel is as soon as the dates are open (this was certainly the case with Delta!) especially since I'm also hoping to use a small, regional airport as my starting point.

Are there drawbacks I'm not thinking of in terms of booking the outbound trip first and booking the return a month later?

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