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:

865 Properties
Page 1 of 73
$765,000
Subdivision: Warsaw
3
Beds
3F11/2
Baths
3,200
Sq.Ft.
2016
Year Built
1
Day on Site
2032621
MLS
Welcome home - Now is your opportunity to live on the Rappahannock River! This is a well-appointed, 4 Bedroom with 3.5 baths home. It has a primary bedroom with en suite on both the first and...
$199,900
Subdivision: Mansion Terrace Section 1
3
Beds
2F11/2
Baths
1,792
Sq.Ft.
1951
Year Built
1
Day on Site
2032655
MLS
Lovely three bedroom two and one half bath brick home on a corner lot in Mansion Hills. What more needs to be said? This home features mostly hardwood floors and laminate throughout. New roof, new...
$349,900
Subdivision: Lake Caroline
3
Beds
2
Baths
2,166
Sq.Ft.
1988
Year Built
2
Days on Site
2032165
MLS
Wonderfully Renovated Ranch! Beautiful brick home thoughtfully updated-new stainless steel appliances, granite, tile backsplash, soft close cabinets, waterproof laminate hardwood and tile, fresh...
$650,000
Subdivision: None
3
Beds
4F11/2
Baths
3,528
Sq.Ft.
1921
Year Built
2
Days on Site
2032203
MLS
WELCOME to this spectacular and timeless treasure! From the grand foyer, to crown molding, wainscoting, and hand-painted wallpaper, this is a MUST SEE! The moment you near the opulent front porch you...
3
Beds
2
Baths
2,054
Sq.Ft.
1984
Year Built
2
Days on Site
2032642
MLS
Welcome home to this 2,054 square foot ranch with vinyl siding, 3 bedrooms, 2 baths, living room, formal dining room, enjoy the kitchen with lots of cabinets, center island, dining area off of...
$275,000
Subdivision: None
3
Beds
2
Baths
1,604
Sq.Ft.
2020
Year Built
2
Days on Site
2032641
MLS
Welcome to the Chesapeake Plan in Brittney Meadows! Can't find one-level living? Build this stunning craftsman style, one level, maintenance-free home. Includes front porch with columns, 3 bedrooms,...
Open 10/26
401 Pulaski Ave Richmond, VA 23222
$224,950
Subdivision: Confederate Heights
3
Beds
2
Baths
1,224
Sq.Ft.
1956
Year Built
2
Days on Site
2032409
MLS
Gorgeous 4 bedroom, 2 full bath RENOVATED ranch home. Sensational design and decked out home. New flooring, new roof, new HVAC, all new windows except for the owner's suite, and new fixtures are...
$450,000
Subdivision: Laughridge
4
Beds
3F11/2
Baths
3,468
Sq.Ft.
1997
Year Built
2
Days on Site
2032565
MLS
WOW...Make this your dream come true home. This Custom built one level living home has 4 BR, 3.5 Baths and plenty of room to roam both inside and outside. This beautiful home sits on just shy of...
$485,000
Subdivision: Village Of Rocketts Landing
3
Beds
2
Baths
1,996
Sq.Ft.
2007
Year Built
2
Days on Site
2031755
MLS
A spacious and open 1996 sq. ft condo unit located on the top floor of the historic Cedar Works building in the Village of Rockett's Landing. Truly a unique unit with exposed brick and beams, and...
$1,150,000
Subdivision: River Place
6
Beds
4F11/2
Baths
5,522
Sq.Ft.
1989
Year Built
2
Days on Site
2031816
MLS
Picture Perfect !Stately Brick Georgian w/ 5,522 sqft.ocated on Quiet Cul-de-Sac.Featuring 6 Spacious Bedrooms & 4 Renovated Crisp White Baths,Exceptional Craftsmanship, Tall Ceilings,Tons of...
$242,500
Subdivision: None
3
Beds
2
Baths
1,485
Sq.Ft.
1971
Year Built
2
Days on Site
2032555
MLS
Great opportunity to own a beautifully renovated brick ranch style home. The formal front living room has a coat closet and HW floors. Family room has a brick fireplace and hearth. Propane gas...
$785,000
Subdivision: Ginter Park
6
Beds
4F11/2
Baths
4,929
Sq.Ft.
1910
Year Built
3
Days on Site
2031912
MLS
This enchanted Colonial Revival home is sumptuous in its demeanor, and its elegance. Built in 1910 she proudly sits on two lots, encompassing almost an acre, with a fabulous, and so complimentary to...

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