Has anyone on their own sold house and not bought another one for a while?

[TreasuredMim]

I read about those with partners and/or children moving into rented accommodation while they wait for their next home to become available. But has anyone done this on their own? Sold up and then spent 6 months, a year maybe, taking time to find their next home as a cash buyer? Did this work out for you? What do I need to consider besides the obvious of finding somewhere to live and store my possessions while I'm in this limbo phase?

I realise a straightforward move out/move in arrangement is so much simpler but after living 20 years in the same home I'm being drawn to the idea of doing it differently.

I have a part time job but no caring responsibilities so while I can't go off back packing for a year, and have no desire to, I do have some flexibility.

Thoughts, ideas, comments welcomed.

I have a friend who is in your situation. She is sharing a flat with a friend for a few months, another friend is storing all her possessions, he owns a hotel and has a ton of storage. She also has a lot of friends so the pressure on the flat share is less as she spends every other weekend away visiting people. She is one of those people who just has people do things for her. She does reciprocate.

The cash buyer position does put you in a strong position but what’s the area like? she has a lot of wiggle room with cash as well.

The cost of storage, it can be high - and depending on how long you have between house purchases, the increase in house prices (if you are buying a smaller place this won't be so much of an issue). You may find you miss having your own space if you are sharing accommodation.

Good luck with the sale whatever you decide to do OP.

Thanks for your comments and suggestions. Hadn't actually thoroughly thought through the issue of storage. It's a matter that I need to consider on a more practical level.

If you rented an unfurnished place, with extra bedrooms and a garage, you MIGHT be able to store your possessions without having to find storage. I think
it would be a question of the difference in cost between a small place and storage, against a larger place and being able to do without storage.

Yes. Unfortunately my dad died suddenly shortly after I'd sold my house. Grief plus having all your money sitting in the bank puts you in a very good position to make terrible decisions. You never know what life's got in store. Tread carefully.

Would you want to sock the money away into some sort of decent savings account? Although no savings account has a decent return these days...

If you have a mortgage you may have an early repayment charge if you don’t move it to another property , could you be certain to get another mortgage ?