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:

101 Properties Found. Showing 1-12
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2600 E Grace St #12
Richmond, VA 23223
2600 E Grace St #12 Richmond, VA 23223
1 of 39
$248,800
Subdivision: St Patricks Place Condo
BEDS
1
BATHS
2
SQ.FT.
914
BUILT
1914
ON SITE
3Days
MLS
1916389
Amazing, light filled, corner condominium in sought after St Patrick's Place in Church Hill. Situated on one of the most beautiful, tree lined streets in the City of Richmond, this charming gem is...
9352 Castle York Ct #2108
Henrico, VA 23060
9352 Castle York Ct #2108 Henrico, VA 23060
1 of 16
$137,950
Subdivision: Laurel Lakes Condo
BEDS
2
BATHS
2
SQ.FT.
1,065
BUILT
1989
ON SITE
4Days
MLS
1915957
This one is move in ready for new buyer, you'll love the NEW carpet and Flooring throughout, freshly painted interior, New sink and vanity in the master bath! Master has a walk-in closet and walk in...
4221 Heron Pointe Place
Moseley, VA 23120
4221 Heron Pointe Place Moseley, VA 23120
1 of 43
$439,950
Subdivision: Heron Pointe At Swift Creek
BEDS
3
BATHS
3
SQ.FT.
2,644
BUILT
2012
ON SITE
5Days
MLS
1915145
Maintenance free living at its finest! Welcome to this transitional home with ZERO Steps and direct entry. This home features 3 bedrooms, 2.5 baths and 2 car attached garage. FIRST FLOOR OWNER'S...
9402 Charter Lake Dr
Mechanicsville, VA 23116
9402 Charter Lake Dr Mechanicsville, VA 23116
1 of 49
$419,950
Subdivision: Kings Charter
BEDS
4
BATHS
3
SQ.FT.
2,314
BUILT
2003
ON SITE
5Days
MLS
1915905
RARE opportunity anywhere in the RVA area! Gorgeous WATERFRONT home with 1st Floor Master and amazing water views! Come and be wowed by this home & it's totally NEW Kitchen w/ quartz countertops,...
10525 Braden Townes Ct #LB
Chesterfield, VA 23832
10525 Braden Townes Ct #LB Chesterfield, VA 23832
1 of 21
$259,990
Subdivision: Braden Townes
BEDS
3
BATHS
3
SQ.FT.
1,717
BUILT
2019
ON SITE
5Days
MLS
1916190
Back by popular demand! Our new section of The Villas at Braden Townes is now open. Please visit us for our special Grand Opening incentives. .Exclusive to our Active adult (55+) Section of a...
14711 Boyces Cove Dr #32
Chesterfield, VA 23112
14711 Boyces Cove Dr #32 Chesterfield, VA 23112
1 of 31
$244,950
Subdivision: Boyces Cove
BEDS
2
BATHS
2
SQ.FT.
1,468
BUILT
1989
ON SITE
8Days
MLS
1914760
Enjoy Maintenance-free living in Woodlake's Boyces Cove subdivision, within the Cosby High School district. This detached condominium home features a first floor Master and just went through a...
4242 Heron Pointe Ct
Moseley, VA 23120
4242 Heron Pointe Ct Moseley, VA 23120
1 of 28
$495,000
Subdivision: Heron Pointe At Swift Creek
BEDS
3
BATHS
3
SQ.FT.
2,833
BUILT
2014
ON SITE
7Days
MLS
1915673
IMMACULATE FIRST FLOOR MAINTENANCE FREE LIVING WITHIN WALKING DISTANCE TO THE SWIFT CREEK RESERVOIR! Drive into this beautiful community to a gorgeous home trimmed with Hardiplank siding & stone...
9702 Bunker Ct #2A
Petersburg, VA 23805
9702 Bunker Ct #2A Petersburg, VA 23805
1 of 15
$169,900
Subdivision: Fort Hayes
BEDS
2
BATHS
2
SQ.FT.
1,520
BUILT
1986
ON SITE
11Days
MLS
1915418
Friendly condo neighborhood(FHA Approved) convenient to all local highways, I-95, 460 East, Fort Lee, and Crater Road shopping and restaurants. Old Town Petersburg less that 10 minutes. Formal Living...
1524 West Ave #22
Richmond, VA 23220
1524 West Ave #22 Richmond, VA 23220
1 of 26
$475,000
Subdivision: N/A
BEDS
2
BATHS
2
SQ.FT.
1,599
BUILT
1931
ON SITE
12Days
MLS
1913802
Don’t you want to live on the prettiest, most exclusive street in the Fan? Welcome to the Laurel Hill House Luxury Condos! Located on West Avenue, this grand Georgian Revival Classic is home to...
6919 Chancery Lane
Norge, VA 23188
6919 Chancery Lane Norge, VA 23188
1 of 36
$370,000
Subdivision: Colonial Heritage
BEDS
3
BATHS
3
SQ.FT.
2,463
BUILT
2010
ON SITE
11Days
MLS
1914864
This lovely Bayberry model offers the best of both worlds. Enjoy main floor living with an upgraded kitchen, spacious dining and living room, master bedroom suite, a laundry room plus a second...
1350 Westwood Ave #U314
Richmond, VA 23227
1350 Westwood Ave #U314 Richmond, VA 23227
1 of 36
$424,900
Subdivision: Ginter Place Condos
BEDS
3
BATHS
2
SQ.FT.
2,155
BUILT
1954
ON SITE
13Days
MLS
1914211
Welcome to Ginter Place, a condominium development in Richmond's wonderful Ginter Park neighborhood. You'll love unit 314, a private 3 bedroom (plus office!), 2 full bath condo with an open floor...
11900 Belmont Park Ct
Glen Allen, VA 23059
11900 Belmont Park Ct Glen Allen, VA 23059
1 of 22
$399,950
Subdivision: Belmont Park At Twin Hickory
BEDS
2
BATHS
2
SQ.FT.
2,027
BUILT
2003
ON SITE
18Days
MLS
1913891
Beautiful maintenance free home in sought after Belmont at Twin Hickory is looking for its new owner! Enjoy one level living in this Boone home situated on an oversized, private lot at the end of a...

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