Sunsetting in the Old Dominion
A part of graceful aging is having a plan for the later stages of your life. Whether you are 35 or 65, you'd be wise to put some thought into where you want to be living when you are finally ready to settle down to retirement. It's no secret that Richmond, Virginia is a growing retirement destination. Retirees thrive in the diverse landscape, active arts community, and proximity to world-class medical care. Even if you aren't ready to load up the moving van, you can lock in your property now. Here are some things to think about when planning for your retirement living.
Why Retire in Richmond?
Virginia is known as the Old Dominion for good reason! You can count on a temperate climate, with average lows of 48 degrees and average highs of 70. If you're moving from somewhere in New England or the Midwest, you'll be pleased to know that Richmond gets an average of 0 inches of snow from April through November. With an average of 2-4 inches over the rest of the season, you'll get a delightful dusting for family holidays without the efforts of shoveling.
Richmond is the fourth most populous city in the state of Virginia, with a population estimated at 228,783 as of 2018. It also boasts some of the lowest home prices out of major cities in Virginia. Within Richmond, you'll find plenty to do in your leisure time. Richmond is a short distance from gorgeous beaches along the coast and is one of the few cities in America to boast rapids that run right through town. Whether you want to go rafting along the James River or take in a scenic beach on the oceanfront, you'll find a spot to meet that desire. If waterfront leisure isn't your thing, you'll find acres of parks within the city limits and a variety of museums and other cultural activities, including an active jazz scene.
Finally, Richmond is an excellent retirement option because of its stance on taxes. Virginia doesn't tax Social Security benefits and offers additional special deductions for those over the age of 65. Richmond also comes in favorably when compared to other cities in Virginia. Virginia Beach, for example, has a cost of living about 12.8% higher. Primary increases affect housing and healthcare, among others. A home in Virginia Beach will set you back about $49,000 morethan the typical home in Richmond.
Why Buy a Retirement Home Early?
So you've decided that beautiful Richmond is the place for you at some point down the road. Why should you worry about buying a retirement home now? Why not wait until you are ready to move and skip the hassle of managing a property from a distance? There are a few reasons why it's a good idea to get started early. Buying a retirement home now can help you to lock in a lower price ahead of a changing real estate market. If retirement is ten years away, you'll be happy to have purchased at a lower price a decade earlier. The equity that you'll generate during that time is all money that will become available to you once you do make a move.
Beyond helping you build a more significant cash reserve and secure a place to retire to, investing in real estate can also help you retire early. Perhaps you've only been saving for your retirement through more traditional means and are expecting to live on some combination of Social Security, 401(k) or pension payments, and retirement savings. You may not have thought much about how a passive income source can help you save even more money or secure an income for you in retirement.
Whether you purchase a single home or you pick up additional rental properties, the extra income you'll earn can go directly towards your nest egg. You can see your savings grow faster than you thought possible. If you're truly ambitious, investing in several rental properties during your remaining working years can help you to build a reliable source of passive income. You may even find a second career of sorts as a real estate investor. Managing these properties as a long-distance landlord can be a hassle, however. How can you ensure that you can manage them well in your absence? Bringing in a local expert in property management is a smart move.
Hire an Expert Property Management Company
So you're ready to invest in a retirement property—but aren't yet prepared to make a move. This is where a local property management company that knows the Richmond area can be a massive help to you. Mission Realty Property Management knows the Richmond area and can expertly manage everything from marketing your property and screening tenants to collecting rent and providing maintenance support.
Mission Realty even offers optional Eviction Protection, which makes long-distance property investment in the event of the worst-case scenario within reach. If you're ready to take the leap, reach out to Mission Realty Property Management online or by phone and schedule a FREE consultation! We're here to help you realize your retirement goals in serene Richmond, VA.