Going travelling between house sale/purchase…is this crazy?

[LAS123]

Hi looking for some advice, currently selling property, around 6 weeks from completion, achieved a good price for the house and have a healthy deposit for next purchase.
Relocating to next town where market is more frantic, lack of supply, houses going over offer and snapped up quickly (different to where we are now where its slowed)
currently considering taking 8 weeks out after the sale, buying a 20k ish motorhome and travelling Europe with the kids then returning and trying to buy with the hope (🤞🏻😬) the market has settled…maybe.
also feels like the only ‘chance’ we may have, is this insanity?

Or should we try and secure a property then skip off for a bit whilst its going through?

Or forget this whole mad idea and just find a house?

Again not sure on implications on mortgage application of 2 months unpaid leave from work, the idea is in very early stages.

Where are you going to live after 8 weeks?
The rental market is even worst than the buying market.
Where is all your stuff going to be stored.
I have no idea re wages and mortgage.

I think the 8 week break is a wonderful idea, I just don't know why you need to be homeless while you're doing it?
Do you need the cash from the house sale to fund the travelling?
If you do I don't think that's a great idea unless you are downsizing or you know you can get back on the housing ladder very easily.

I imagine the recession will remove more houses from the market rather than the prices dropping so prices will remain stable.
Plus the cost of living is going to be insane over the next few years.

Yes being homeless is a concern! We can stay with family on return, or attempt to rent in the new area although I know this is very hard.

The sale would fund the trip, being homeless would mean minimal outgoings was my thinking.

stuff would be in storage with family.

I can definitely see the appeal, just to escape the stress.

But I’d be worried about interest rates. Deals are already significantly worse than at the start of the year. You’ll be taking a gamble that the market will slowdown enough to compensate for further increases to rates.

If the market in your target town is still hot I’d worry about missing the boat. You might return to fewer frantic open houses but with prices significantly above where they are now.

Also it definitely will make the mortgage application more difficult. We were only asked to show the previous three months of payslips. You won’t be able to do that so will have to jump through more hoops.

You must be pretty rich though to consider spanking £20k on a motor home and stopping work for two months just before you buy a house.

Buying and selling can be fraught and stressful at the best of times, I wouldn't be going out of my way to add more hassle and complexity to the process.

Why not do both? Sell up, find somewhere to buy and go travelling when the conveyancing is happening. That way your mortgage application is already underway before you take the break, and you speed up your timeline. You don’t need to be in the country for conveyancing - almost everything can be done electronically, and there are always overnight couriers for physical paperwork. It sounds like a dream! Hope it comes true.

Buy a house, then go travelling.

The market isn't going to improve while you're away.

This.then all bases covered.anf mortgage easy because you'll have recent pay slips they require.
But deff do it when you've bought a place.sounds ideal and bliss.and once in a lifetime thing that u won't do unless now whilst you've got the inspiration for it .but secure a home i think.

Yes this what we have decided on!! It seems the most sensible option in a slightly wild plan!
just to find a house before we go 😬😬

Good call OP.

In 2002 I sold up, and went and did a snowboard season for 6 months, planning to buy again when I returned. I stored stuff with friends and a storage company. I arrived at the airport on my return, sofa surfed until I could find a rental, by which time the market had risen. Once I finally bought in 2006 (terrible timing) the prices were even higher. Even if prices hadn't risen, the hassle of having my belongings everywhere, and no permanent home for years was a huge mistake financially and for my stress levels.

This is great.im so excited( jralous) of you.

Thank you, just need to find a house now!