House Hunting Tips for Retirement in Richmond

 

Ready to buy your home for retirement? If Richmond isn’t on your list, it certainly needs to be added. According to rankings published in U.S. News, Richmond is ranked #47 among all metropolitan areas in the United States for retirement. These rankings are based on housing affordability, desirability, happiness, retiree taxes and healthcare quality.

More people are moving into Virginia than moving out, and estimates collected by the University of Virginia project that Virginia will be the 10th most populous state in the US by 2040. By that year, about 20% of the population will be older than 65 years of age. Richmond along with Virginia’s other two major metropolitan areas – Northern Virginia and Hampton Roads – are projected to account for almost 90% of the state’s total population gains in the coming decades.

Virginia perfectly blends city and country lifestyle. Weather-wise, Richmond is a comfortable place to live for seniors. You can expect to experience all four seasons, but in moderation without much of a chance for extremes. Balmy summers come each and every year, along with the occasional dusting of snow during the winter. Richmond also boasts exceptional natural beauty. It is the only metropolitan area in the United States that has white water rapids running through the downtown area. It is also near Washington, DC and other major metropolitan areas for travel ease.

Ready to get started on your house hunting journey? Below you’ll find a few tips to keep in mind during your search. Heeding these tips can help to keep the process smooth and relatively stress-free:

1. Get Your Budget Straightened Out Before Starting Your Search

If you are like many retirees, you are not looking to spend a fortune on where you live, but you also do not want to sacrifice your quality of life. Luckily, despite all the amenities of the city, the overall cost of living in Richmond is right in line with the national average. The National Association of Realtors notes the median home listing price in the city is $230,000, which is lower than the national average of $250,000.  

 Putting together a budget can be a cumbersome and frustrating task, but the effort will pay dividends in the form of relaxation and reduced stress knowing you are setting up a retirement lifestyle that is truly within your means.  Some steps you can take to get a clearer picture of your long term finances include:

  • Evaluating your eligibility for Medicare or Medicaid for your present or future health expenses
  • Checking in on your 401k or other retirement plans to calculate your expected monthly income after you’ve stopped working
  • Review the property tax situation and other cost of living nuances applicable for Richmond

2. Narrow Your Search to Homes Conducive to Aging in Place

Your next home should be one that makes sense for you for both the long and short term, so the concept of aging in place is an important one for retirees. Luckily, your real estate agent will be right there to help ensure the communities you are interested in include homes designed to meet your needs - both present and future. He or she can help you identify Universal Design homes, which are homes built with amenities to help you live safely in your home for years to come. These amenities can include no step entryways, one story floor plans, wider doorways, open floor plans with extra floor space, and bathrooms that are senior-friendly.

 3. Explore Other Senior Living Options in Richmond

If you are considering senior living options in Richmond over purchasing a home, you have many options to choose from. Choosing the most appropriate one will involve evaluating a few different factors in your life - including amenities that are important to you, current and future health needs and any mobility concerns.  

One of the options available to you in Richmond is a retirement community, also called an active adult living community or “55-plus” community. This is a great living option for retirees who want to maintain their independence and have access to amenities, but do not want to be on the hook for maintenance and other home responsibilities. If you opt for a retirement community, make sure to discuss any homeowners association (HOA) fee or any other fee to ensure you understand the true cost of this option.

If you feel your health needs will keep you from living fully independently, you may want to consider an assisted living facility. There are many top-rated communities in the city and 9 assisted living facilities nearby. The average cost of assisted living in Richmond is $4,673 per month, which is higher than the national average but less expensive than other metropolitan areas along the eastern coast of the US.  

Ready to get started? Contact us, Team Hensley, today below and tell us what you are looking for. We’re here to help you find your dream home for retirement, and we pledge to dedicate the time and energy needed to make sure your journey is as pleasant and stress-free as possible.

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Current Listings that Feature a Retirement Lifestyle:

783 Properties
Page 1 of 66
$230,000
Subdivision: Fernbrook
3
Beds
2
Baths
1,400
Sq.Ft.
1983
Year Built
2
Days on Site
2109391
MLS
Super cute and lovingly maintained ranch on a quiet cul-de-sac. Recently updated throughout including light fixtures and luxury vinyl plank flooring. Vaulted family room with wood burning fireplace....
Open 4/18
2302 Burnley Ave Henrico, VA 23228
$239,000
Subdivision: Elmay Crest
3
Beds
1
Baths
1,212
Sq.Ft.
1940
Year Built
2
Days on Site
2110061
MLS
You're going to love this well-maintained 1940s Cape Cod in the highly-coveted Lakeside neighborhood. This 3 bedroom / 1 bath has all the charm of hardwood floors, plaster walls, and original...
$249,950
Subdivision: York Manor
3
Beds
2
Baths
1,674
Sq.Ft.
1937
Year Built
2
Days on Site
2110218
MLS
Enjoy a unique opportunity with this renovated Cape Cod on almost .6 Acres with 3 bedrooms, 2 full baths and nearly 1,700 SF of living space along with a detached garage and storage buildings in the...
3
Beds
2
Baths
1,240
Sq.Ft.
2003
Year Built
2
Days on Site
2110437
MLS
Affordable, move-in-ready living in King William County on 1.35 acres of private land! Enjoy having the quiet sanctuary you've been looking for at a price you wouldn't have expected. Step through the...
$239,950
Subdivision: Deer Run
3
Beds
2
Baths
1,320
Sq.Ft.
1991
Year Built
2
Days on Site
2110385
MLS
Welcome home to 7202 Decidedly, a gorgeous rancher in the desirable Deer Run neighborhood, with quick access to the highway and all of the amenities the area can provide. This home has been lovingly...
$264,950
Subdivision: Eaglewood
3
Beds
2
Baths
1,625
Sq.Ft.
1994
Year Built
2
Days on Site
2110395
MLS
Welcome home to 10206 Stonecrest, a gorgeous two story home that's move in ready and waiting for its new owners! Walking in the front door, you'll notice the high ceilings and large living room with...
$269,900
Subdivision: None
3
Beds
2F11/2
Baths
1,579
Sq.Ft.
1967
Year Built
2
Days on Site
2110443
MLS
This is a special home waiting for new owners. Solid brick construction home tucked on a nearly 3/4 acre lot within town limits. Large front porch with slate tile welcomes you home. Come inside and...
$334,900
Subdivision: Pinedale Farms
3
Beds
2
Baths
1,720
Sq.Ft.
1961
Year Built
2
Days on Site
2109848
MLS
GET IT BEFORE IT'S GONE! This darling BRICK ranch has it all. Step inside this 3 bedroom, 2 bath home & fall in love. Finishes include NEWLY refinished hardwood floors, NEWLY renovated baths, FRESH...
$175,000
Subdivision: Highland Springs
3
Beds
1
Baths
935
Sq.Ft.
1954
Year Built
2
Days on Site
2110474
MLS
Great starter home or investment opportunity. Lovely 3 bedroom, 1 bath home all on one level. Hardwood floors throughout with ample, natural lighting. Fully fenced in yard. Cozy home conveniently...
$215,000
Subdivision: Bailey Ridge Estates
3
Beds
2
Baths
1,032
Sq.Ft.
1989
Year Built
2
Days on Site
2110226
MLS
Charming, move-in rancher, conveniently located close to shopping, restaurants, and easy access to Rt. 288, Hull Street, and the Powhite. 3 spacious bedrooms, 2 full baths. FRESHLY PAINTED, NEW...
3
Beds
2
Baths
1,016
Sq.Ft.
1981
Year Built
2
Days on Site
2110165
MLS
LOCATION! LOCATATION! LOCATION! An Adorable Ranch with 3 Bedrooms and 2 Baths Nestled on approximately 3 Acres with Water View! Inviting Front Porch with Lake View and Trex Decking. Open Floor...
$193,000
Subdivision: Keaneland Farms
3
Beds
1F11/2
Baths
1,058
Sq.Ft.
1959
Year Built
2
Days on Site
2110428
MLS
A charming brick rancher in Richmond for under $200k?! City-living at an affordable price still exists! This home sits on a generous 1/4-acre lot, ready for outdoor entertaining, gardening, and...

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