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:

604 Properties
Page 1 of 51
$394,990
Subdivision: Britlyn North
3
Beds
2
Baths
1,601
Sq.Ft.
2021
Year Built
1
Day on Site
2101403
MLS
WELCOME TO OUR NEWEST 55+ COMMUNITY! Britlyn is a community of beautiful, craftsman style ranch homes on spacious lots. Enjoy a quiet lifestyle with private cul-de-sacs and no through traffic where a...
$235,000
Subdivision: None
3
Beds
2
Baths
1,920
Sq.Ft.
1991
Year Built
1
Day on Site
2101401
MLS
Welcome HOME to this lovely brick rancher on 5 cleared acres, perfect for your horses, livestock, ect.. As you pull into the driveway the home welcomes you with a full front porch, where you can...
Open 1/23
7634 Sedge Dr New Kent, VA 23124
$369,990
Subdivision: Arbors
5
Beds
3
Baths
2,511
Sq.Ft.
2021
Year Built
1
Day on Site
2101359
MLS
No description available...
$240,000
Subdivision: Clifton Farms
3
Beds
2
Baths
1,713
Sq.Ft.
1974
Year Built
1
Day on Site
2101413
MLS
Beautiful, solid, single-owner brick ranch on an almost 1/2 acre lot in the quiet community of Clifton Farms. Whether you are a growing family or are looking to downsize, you will appreciate the...
$513,990
Subdivision: Garrison Manor
5
Beds
4
Baths
3,830
Sq.Ft.
2021
Year Built
2
Days on Site
2101346
MLS
Only 4 homesites remaining! Located off sought-after Studley Road and within walking distance to Burkwood Swim & Racquet Club, Garrison Manor is what you ve been looking for. Featuring carefully...
$465,990
Subdivision: Giles Farm
5
Beds
3
Baths
3,010
Sq.Ft.
2021
Year Built
2
Days on Site
2101353
MLS
Welcome to GILES Preserve! Offering timeless and classic single family homes with luxury features and million dollar amenities. Homes in our Preserve section feature spacious, flexible floorplans...
$435,990
Subdivision: The Landings at Meadowville
5
Beds
3
Baths
3,083
Sq.Ft.
2021
Year Built
2
Days on Site
2101354
MLS
GRAND OPENING! The Landings at Meadowville - Chesterfield s hidden gem. Packed w/ amenities along the James River & set in the Thomas Dale district. Premier homes on flat, wide lots. Enjoy river...
$490,990
Subdivision: The Landings at Meadowville
5
Beds
4
Baths
3,765
Sq.Ft.
2021
Year Built
2
Days on Site
2101356
MLS
GRAND OPENING! The Landings at Meadowville - Chesterfield s hidden gem. Packed w/ amenities along the James River & set in the Thomas Dale district. Premier homes on flat, wide lots. Enjoy river...
$499,990
Subdivision: The Landings at Meadowville
5
Beds
4
Baths
4,164
Sq.Ft.
2021
Year Built
2
Days on Site
2101358
MLS
GRAND OPENING! The Landings at Meadowville - Chesterfield s hidden gem. Packed w/ amenities along the James River & set in the Thomas Dale district. Premier homes on flat, wide lots. Enjoy river...
$362,990
Subdivision: Ramblewood Estates
3
Beds
2
Baths
1,947
Sq.Ft.
2021
Year Built
2
Days on Site
2101363
MLS
Grove Crossing features Craftsman Homes on Private Homesites with Luxury Features Included! Conveniently located in the Thomas Dale School District. The CUMBERLAND's cozy covered entry says welcome...
$269,950
Subdivision: Windsordale
3
Beds
2
Baths
1,458
Sq.Ft.
1961
Year Built
2
Days on Site
2101368
MLS
Light-filled and ready to move into. Everything just updated with gleaming hardwood floors and fresh paint. Features a new white Shaker kitchen with granite counters and brand new stainless...
$279,900
Subdivision: None
4
Beds
3
Baths
3,278
Sq.Ft.
1980
Year Built
2
Days on Site
2101373
MLS
Country living in town!! Situated on 2.91 acres with walking trail, fire pit, creek, garden area and a screened in front porch!! Galley style kitchen offers granite counter tops, lots of custom...

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