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:

834 Properties
Page 1 of 70
$298,567
Subdivision: Kennington
2
Beds
2
Baths
1,660
Sq.Ft.
2021
Year Built
2
Days on Site
2132421
MLS
Ready in January/February 2022. The "Kennington Carriage" plan in Kennington Meadows 55+ community. This home is currently under construction but we have a fully furnished model you can see what the...
$295,000
Subdivision: Westover Hills Annex
4
Beds
1
Baths
1,562
Sq.Ft.
1956
Year Built
2
Days on Site
2132416
MLS
Enjoy West Westover Hills living in this updated brick cape. Kick off your shoes in the foyer and gather in the living room in front of a cozy fireplace. This home features 4 bedrooms, refinished...
3
Beds
2
Baths
1,344
Sq.Ft.
2021
Year Built
2
Days on Site
2132262
MLS
Move-in ready one level, open floorplan, split bedroom ranch on a very private 4.52 ACRE agriculturally zoned lot on a quiet dead end street. Located about 700' off the road, you can't see any...
$569,000
Subdivision: Mansion Place
4
Beds
2
Baths
2,616
Sq.Ft.
1952
Year Built
2
Days on Site
2131678
MLS
City living with the feeling of country seclusion is what this 0.95 acre home brings! It starts once you enter the 4 ft wide front door into the foyer with terrazzo flooring that is also featured in...
$285,000
Subdivision: Brickwood
4
Beds
3
Baths
1,921
Sq.Ft.
1993
Year Built
2
Days on Site
2132440
MLS
This beautiful 4-bedroom 3 full bath rancher is located on a corner lot! It offers separate living quarters that could work perfectly as an in-law-suite. This home offers two kitchens, two living...
$249,500
Subdivision: Summerhill At Stony Point Condo
3
Beds
2
Baths
1,207
Sq.Ft.
1987
Year Built
2
Days on Site
2132350
MLS
GORGEOUS, BEAUTIFULLY RENOVATED END UNIT! This home is stunning - fresh, bright, open and elegant! Recessed lighting, built-ins, plantation shutters throughout, gas fireplace with dentil-molding...
$149,900
Subdivision: None
3
Beds
2
Baths
1,284
Sq.Ft.
2009
Year Built
3
Days on Site
2132349
MLS
This 3 bedroom, 2 bath doublewide mobile home is situated on 3 acres, has a brand new permanent foundation and the HVAC is less than a year old. All appliances convey. In the back yard, there are 3...
$320,000
Subdivision: None
3
Beds
2
Baths
1,470
Sq.Ft.
2021
Year Built
3
Days on Site
2132320
MLS
This home sets on 3 1/2 acres on low traffic road for a very peaceful setting minutes to boat ramp. Owner will get to drive over the Beautiful Diascund Reservoir every time they come home via Rt. 60....
$222,000
Subdivision: Kendale Acres
3
Beds
2
Baths
1,611
Sq.Ft.
1978
Year Built
3
Days on Site
2132346
MLS
Nice rancher in a well established neighborhood in Chesterfield! This brick rancher features; 3 bedrooms, 2 baths, family room with fireplace, formal dining & living room, eat-in kitchen, large...
$220,000
Subdivision: Westover Park
3
Beds
1
Baths
928
Sq.Ft.
1950
Year Built
3
Days on Site
2132287
MLS
This property is rented to a long term tenant paying $1,000.00 a month. Seller requires purchase letter of intent with proof of funds before disturbing the tenant with showing. Showings require an...
$268,000
Subdivision: Vistas On The James
1
Beds
1
Baths
729
Sq.Ft.
2006
Year Built
3
Days on Site
2132382
MLS
Enjoy beautiful views of sunrises and sunsets from one of the top floors in the desirable Vistas On The James. This one bedroom / one bathroom studio unit on the 14th floor is breathtaking...
$222,000
Subdivision: Battlefield Green
2
Beds
21/2
Baths
1,473
Sq.Ft.
1987
Year Built
3
Days on Site
2132210
MLS
Modern haven awaits! Gorgeously designed 2 bedroom home in desirable school district! Amazing and modern 2 story townhouse with open concept floor plan, wonderful skylights and lush greenery awaits...

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