Practically anyone can use property to achieve financial freedom. With the right groundwork, it guarantees you a steady stream of income so you can travel the world. Knowing any future limitations can also help you to tackle any potential obstacles down the line
Investing in property is a well-proven way of ensuring a steady income stream for those pursuing a flexible lifestyle. It doesn’t have to be a property empire, either. Putting time and money into just one rental unit can grant you the freedom to travel the world on your terms.
Choosing your first property
In the UK, purchasing a home on a buy-to-let scheme is a reliable way to become a landlord, with government help and wide-ranging support to help you achieve your goal.
Researching where you want to purchase your first property is key. Focusing on areas with high rental rates will increase the volume of tenant interest in your home. University areas in Northern cities like Leeds and Manchester are popular choices, with large student populations and low house prices proving attractive to first-time landlords.
Neighbourhoods popular with young professionals are also a promising target area. Generally easier tenants to maintain for, you can also enjoy some creative investment in the property’s interior design, with higher returns on potential rent income.
Short-term vacation rentals can offer more flexibility and more immediate income, if you are willing to commit to more regular upkeep remotely. Choosing a home for this purpose will need some research into properties close to tourist attractions and some knowledge of seasonal demand. Cities like London and Bath are good options as they tend to benefit from year-round visitors, with multiple high-seasons dotted throughout the year.
Flexibility in property ownership
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As your financial and lifestyle goals evolve, managing the home you have bought can sometimes become an obstacle that no longer fits into your plans.
There may come a time when you’re in a place to commit to full-time travel, or you might want to change the location of the property to increase your income stream.
It’s essential to become familiar with some new laws coming into place in the UK, as they may affect how flexible you can be when deciding what to do with your tenanted property.
The Renter’s Rights Bill, coming into place in 2025, will mean that you must allow tenants to live out a lease of a 12 months minimum in your property before asking to leave. Even then, you must give at least three month’s notice before they have to go.
Selling a house with tenants still living inside isn’t impossible, however. There is a way to free up the capital for your needs with cash-buyers. These services pay an agreed fee for your home upfront, without you having to wait for your tenants to leave. This gives you the freedom to move on with your future plans, whether it’s full-time travel or another property investment, skipping the hassle of riding out a lease term or negotiating with your tenants.
Travelling the world with a tenanted property back home is a smart way to achieve a lifestyle of sustainable independence. Yes, it’s a big responsibility, but if you keep track of your options throughout the journey and always think ahead, the rewards are endless.
