Barbara Corcoran Reveals 3 Shortcuts to Affordable Housing Outside Florida
With home prices and living costs soaring in many once-popular markets, buyers are increasingly searching for places where their money still gets their foot in the door. While Florida has long been a go-to destination for affordable real estate, the last few years have made it far less budget-friendly than it once was. According to real estate mogul and "Shark Tank" star Barbara Corcoran, it may be time to look elsewhere.
Never one to mince words, Corcoran's message is clear: If you're focused on stretching your housing dollar and avoiding overheated markets, there's a better place to move than Florida. Additionally, there are a couple more consideration at your disposal.
Read More: The 10 Most Overpriced Housing Markets in America — 5 Are in Texas
Find Out: 14 Subtly Genius Things All Wealthy People Do With Their Money — That You Should Do, Too
If Florida Is Off the Table, Move Here
Known for her sharp insights into the housing market and cost-of-living trends, Corcoran has shared advice for buyers who want cheap homes, affordable real estate and long-term value even in this economy.
"Go anywhere with a poor school district where prices are really low," she said in an interview on the "Elvis Duran Show." She added that this approach should be made only by buyers who don't plan to raise kids and want a home listed at a cheaper price.
"Go anywhere in the South, other than the hot spots," Corcoran recommended. "There's always a cheap house to buy, always."
Is Inexpensive Housing Overseas Legitimate?
What is Corcoran's take on extremely low-priced homes for sale overseas? For instance, let's say you found someone in a tiny Italian village selling a home for cheap, which the buyer only needs to renovate after buying — are these offers scams?
"It's not a scam... I've actually traveled through Italy and seen those houses and walked in and looked at them," said Corcoran. "The problem is nobody lives in these towns. Why would you want to go to Italy to live by yourself?"
The Best Time To Buy a Home
Corcoran rarely, if ever, says it is not a good time to buy a house without at least a few caveats. She believes this market offers more opportunities for buyers and that relocating could help you find affordable homes with a lower cost of living in today's competitive real estate landscape.
"It's always a good time [to buy]," Corcoran said. "I think the sooner you get in the market, the sooner you have a chip in the game."
Buying should be looked at as more than an investment, too.
"You only get one chance to live," Corcoran said. "You are not buying an investment only, you are buying a home to raise your kids in, to have good times, to cook in your kitchen. You want to get in the market."
Caitlyn Moorhead contributed to the reporting for this article.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
More From MoneyLion: