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.

Current Listings that Feature a Retirement Lifestyle:

90 Properties
Page 1 of 8
$559,950
Subdivision: Bellingham @ Twin Hickory
3
Beds
2F11/2
Baths
3,177
Sq.Ft.
2008
Year Built
3
Days on Site
1930085
MLS
Gorgeous, maintenance-free and exceptionally built all brick Boone Home in Bellingham. 9 ft. high ceilings and 1st floor master bedroom. You enter the home through an arched brick covered porch and...
$132,950
Subdivision: Stonewall Manor Condominiums
2
Beds
1
Baths
979
Sq.Ft.
1976
Year Built
3
Days on Site
1930998
MLS
This beautiful condo is move-in ready and is in great location in Henrico! Enjoy maintenance free living with this 2 bedroom, 1 full bath condo with almost 1,000 SF! The interior is turn key with all...
$843,400
Subdivision: Kinloch
4
Beds
4F11/2
Baths
3,844
Sq.Ft.
2019
Year Built
3
Days on Site
1930780
MLS
Move-in ready. You deserve to live the maintenance free lifestyle in Kinloch! Don't worry about yard work or exterior house work! Lock the door and leave - travel, play golf at Kinloch or Hermitage...
Open 9/22
7488 Quiet Caper Ct Mechanicsville, VA 23111
$349,950
Subdivision: The Villas At Rose Hill
3
Beds
2
Baths
1,578
Sq.Ft.
2009
Year Built
3
Days on Site
1930362
MLS
Single Level living at it's finest in the Villas at Rose Hill. 3 bedrooms, 2 baths, a 2 car GARAGE, & a LARGE Covered/Screened Rear Porch. Move in ready with NEW appliances, NEW carpet, fresh paint,...
$366,000
Subdivision: Villas At Magnolia Lakes
2
Beds
3
Baths
2,489
Sq.Ft.
2016
Year Built
3
Days on Site
1930931
MLS
This lovely home is loaded with upgrades sure to excite potential buyers. Wood floors run throughout the first level of the home. The kitchen is complete with top level cabinets w/beautiful granite...
3
Beds
2F11/2
Baths
1,834
Sq.Ft.
2019
Year Built
4
Days on Site
1930878
MLS
Welcome home to The Glens at Scott Place townhomes, an upscale community in beautiful Richmond Virginia. The Glens at Scott Place townhomes will include a variety of sought after features like...
Open 9/22
4316 Heron Pointe Terrace Moseley, VA 23120
$450,000
Subdivision: Heron Pointe At Swift Creek
3
Beds
2F11/2
Baths
2,729
Sq.Ft.
2012
Year Built
4
Days on Site
1930440
MLS
Perfect, maintenance free living in a truly lovely 55+ neighborhood. The Reservoir is a short distance away and many paths are found throughout the neighborhood. The woods behind the unit provide a...
$459,900
Subdivision: Amberleigh
4
Beds
3
Baths
2,843
Sq.Ft.
2017
Year Built
4
Days on Site
1931032
MLS
This one will WOW you from the moment you walk in the door! Coffered ceilings, arched doorways, see-through fireplace, spacious kitchen with granite countertops and stainless appliances, gorgeous...
$289,950
Subdivision: Meredith Place
2
Beds
2
Baths
1,590
Sq.Ft.
2013
Year Built
5
Days on Site
1930728
MLS
Incredible opportunity to live in one of Hanover's Finest Age-Qualified Communities! SAY NO TO STAIRS! Hurry...YOU DO NOT WANT TO MISS THIS FABULOUS END-UNIT that is located at the end of a...
$165,000
Subdivision: Wood Bridge Cross Condominiums
2
Beds
2
Baths
1,125
Sq.Ft.
1981
Year Built
10
Days on Site
1929191
MLS
THESE CONDOS ARE FHA APPROVED!! Fantastic condo overlooking the 5th fairway of the Brandermill golf course! Vaulted ceilings and walls of windows flood this home with natural light. Beautiful views!...
$950,000
Subdivision: Kinloch
3
Beds
3F11/2
Baths
4,179
Sq.Ft.
2018
Year Built
9
Days on Site
1930376
MLS
Gorgeous new maintenance free home with upgraded Sub-Zero and Wolf kitchen and designer expanded master bath with handsome built in cabinet and zero entry oversized tile shower with seat and designer...
$297,990
Subdivision: The Villas At Providence
3
Beds
2
Baths
1,859
Sq.Ft.
2019
Year Built
11
Days on Site
1930164
MLS
Late December delivery! The popular Emory floor plan is now being built in our newest active-adult community in N. Chesterfield. The Villas at Providence, conveniently located in the heart of N....

Post a Comment