Many of us dream of giving up the 9 to 5, packing up our essentials and taking on a long-term travel adventure. Thanks to the internet and the growing acceptance of remote working, more and more of us could well be able to live that dream – working nomadically and seeing the world at the same time.

One of the things that holds a lot of people back is wondering what to do with their home when they’re travelling. This also feeds into the question of affordability – living in many parts of the world is relatively cheap, but most of us would feel more comfortable if we knew we had either a little bit of capital behind us or a regular income that we can fall back on.

We’ve come up with three ideas that tackle both of these questions at once, three ways to use your home to your advantage to help fund the nomadic lifestyle you’re longing for.

Sell up

If you’re not worried about having a home to come back to then one option is simply to sell up and either invest the proceeds as an income and some security or use some of it to fund your travel. You can either put it on the open market through a traditional estate agent or, if you’re in more of a hurry, sell for cash. Research the best cash house buyers and you might be surprised at how much money you can make from your home.

Rent it out long-term

One relatively simple way to be assured that your property isn’t going to be neglected and secure a regular monthly income is to rent it out on a six month or longer let. Demand in the rental market is currently high in the UK, so you should find it straightforward to secure tenants at a good price.

We say relatively because there are a couple of points you’ll need to keep in mind. Firstly, don’t assume that the monthly rent you’re charging will all end up in your bank. While the first £1,000 of your income from property rental is tax-free, you’ll have to complete a self-assessment and pay income tax on rental income if it’s more in a year than either:

• £2,500 to £9,999 after allowable expenses
• £10,000 or more before allowable expenses

You should also think about budgeting for property management costs, as you’ll need someone local to be on hand for any issues. On top of this you should have money set aside for maintenance costs or emergencies.

Airbnb it

If you’re not sure how long you will be away for and want more flexibility about returning to live in your property then Airbnb could be a better option. The money you’ll get will be more on a per-night basis than through long-term renting, but you’ll have less guaranteed income and will need to factor in cleaning and property management.

Be aware too of the rules around how many days you can Airbnb your home for in a year if it’s your primary residence.