Sell, rent and buy later - good idea or not ?

[redstar]

What advantages/pitfalls of doing the following;

- Sell our home (worth about 320K)
- Bank the proceeds, and take a monthly income from the interest.
- Move into rented accomm, until a suitable new home to buy becomes available.
The interest from the proceeds above would go towards paying the rent.

I'm thinking this would save the hassle of buying and selling at the same time, as we might go sale agreed on our own home without finding our new home in time. We are looking at specific areas to buy in but nothing has come on the market there in quite a while.

Its just an idea at this stage, just wondering if anyone has done this or is it plain daft ?


P.S Happy New Year !!

 

[ClubMan]

Have you read this thread? There may be others on the same topic which should be accessible by browsing/searching the site.

 

[redstar]

Hmm, ok , looks a bit risky. Best stick to the 'traditional' trade-up route.
Thanks.