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:

820 Properties
Page 1 of 69
$584,990
Subdivision: Chickahominy Falls
2
Beds
2
Baths
1,999
Sq.Ft.
2021
Year Built
1
Day on Site
2123750
MLS
The Merecroft, a spacious open floorplan with everything you need on your first floor and more! An Owner's Suite with dual walk-in closets and double vanity. Spacious kitchen overlooking the...
$455,665
Subdivision: Twin Rivers
3
Beds
2F11/2
Baths
2,025
Sq.Ft.
2021
Year Built
1
Day on Site
2123763
MLS
HOME IS UNDER CONSTRUCTION, scheduled to be completed this Winter! The beautiful structural and designer selections have been expertly chosen for you in this Oasis designer home! The foyer provides a...
$1,500,000
Subdivision: Founders Bridge
6
Beds
4F21/2
Baths
6,315
Sq.Ft.
2014
Year Built
1
Day on Site
2121902
MLS
Extraordinary custom-built home overlooking the 17th green of Independence Golf Course. These sunset views are some of the best in Founders Bridge! A true executive home with attention to detail! You...
$695,000
Subdivision: Lake Margaret
5
Beds
3F11/2
Baths
3,167
Sq.Ft.
2021
Year Built
1
Day on Site
2123764
MLS
Embrace this rare opportunity to buy a new construction home in the beautiful neighborhood of Lake Margaret. The home is scheduled to be completed by the end of September. Enjoy living on 1.6 +/-...
$315,000
Subdivision: None
3
Beds
2
Baths
1,323
Sq.Ft.
2021
Year Built
1
Day on Site
2123773
MLS
Welcome to 145 W Old Mountain Rd, Louisa, VA ~ New Construction by Oakland Country Homes ~ 3 Bedrooms 2 full baths, Open Floor plan, LVP Flooring throughout, One level low maintenance living, quality...
$469,990
Subdivision: Giles Farm
3
Beds
2F11/2
Baths
2,423
Sq.Ft.
2021
Year Built
1
Day on Site
2123781
MLS
Giles is the new way of living in Hanover, featuring timeless single-family homes with luxury features included and 3 million dollar amenities. Within walking distance to Hanover Co. Schools! Meet...
$411,415
Subdivision: Giles Farm
3
Beds
2F11/2
Baths
1,969
Sq.Ft.
2021
Year Built
1
Day on Site
2123793
MLS
TOWNHOME WILL BE UNDER CONSTRUCTION SOON, scheduled to be completed this Winter. ACT SOON! Purchaser still has time to select design options. The Hampton features a sprawling first floor ideal for...
$150,000
Subdivision: None
3
Beds
2
Baths
1,965
Sq.Ft.
1945
Year Built
1
Day on Site
2123811
MLS
Lovely older home with lots of character sitting on 4 city lots (approx 1.5 acres). This house has 3 bedrooms and 2 baths. There is a 12x12
cedar closet off the downstairs bedroom with Washer and...
$675,000
Subdivision: Boundary Run
5
Beds
3F11/2
Baths
3,766
Sq.Ft.
1997
Year Built
1
Day on Site
2123754
MLS
WOW WHAT A PRIVATE GEM!! This home boasts 3766 sq ft, 5 bedrooms plus another large bonus/rec room, 3.5 baths, In Law Suite, screened porch, HUGE 30X50 3 Car Detached Garage, and In ground pool all...
1
Beds
1
Baths
724
Sq.Ft.
1927
Year Built
1
Day on Site
2123760
MLS
Welcome to 2814 Kensington Ave! Located in the Museum District and known as the Barrington Condos. Fabulous arched entry to a cozy family room. Kitchen has granite countertops, bartop, pendant...
$429,900
Subdivision: Warwick Acres East
4
Beds
4F11/2
Baths
3,517
Sq.Ft.
1996
Year Built
1
Day on Site
2123831
MLS
IN-LAW SUITE WITH ITS OWN PRIVATE ENTRANCE. Home has covered carport and private entrances for both in law suite and main house. First floor includes a foyer w/cathedrawl ceiling, formal dining room...
$284,500
Subdivision: None
4
Beds
2
Baths
1,637
Sq.Ft.
1946
Year Built
1
Day on Site
2123794
MLS
Lovely 4 bedroom, 2 bath, freshly painted home on a large fenced lot just a 20-minute walk to Maymont, the James River and many other historical sites. The primary suite has it's own bathroom and a...

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