They will wander around, eat, sleep, use furniture and tools. The new home can be any place, including custom player homes.
Dismissed followers will return to their new home. From original nexus page: 'Features: -You can give each of your followers their own home. Since it's a little unclear whether the fishing mechanic was developed by Bethesda itself, an outside co-developer, or a member of the modding community, I've reached out to Xbox and Bethesda for clarification and I'll update this article if I hear back. My Home is your Home is up, enjoy this, its great. Fishing, the survival mode, and the new quests are all Creation Club content, which means they were developed by Bethesda Game Studios in collaboration with community creators. The update that adds fishing will also add a new survival mode and some new quests with Saints and Seducers. To clarify, it sounds like fishing will only be available as a free upgrade if you own the Special Edition, so your base game from 2011 probably won't work. Skyrim: Anniversary Edition and the next-gen update will launch simultaneously on November 11. But don't worry, you won't need to buy the Anniversary Edition to get fishing, as it's one of three features included in the also just-announced Skyrim next-gen upgrade, which will be free if you own Skyrim Special Edition on PC, PS4, or Xbox One. The exciting - no, relaxing - new feature was announced alongside Skyrim: Anniversary Edition, which bundles together more than 500 community mods and launches this November.