Ready to buy your home for retirement? If Hampton, VA isn’t on your list, it certainly needs to be added. The city is becoming increasingly popular, and it’s easy to see why. 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, and Hampton is one of three metropolitan areas are projected to account for almost 90% of the state’s total population gains in the coming decades.
Virginia as a whole perfectly blends city and country lifestyle, which is something retirees can experience acutely in Hampton. You can expect to experience all four seasons in Hampton, but in moderation without much of a chance for extremes. Summers are balmy every year, which retirees can enjoy along the coastline, along with the occasional dusting of snow during the winter.
Ready to get started on your house hunting journey in Hampton? 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 Hampton has to offer, the overall cost of living in the city is lower than the national average in just about every major category – including housing. The National Association of Realtors notes the median home listing price in the city is $197,000, which is much 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. You don’t want to fall in love with a home that you ultimately cannot afford.
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 senior-friendly bathrooms.
3. Explore Other Senior Living Options in Hampton
If you are thinking about different senior living options in Hampton instead of buying a new home for your Golden Years, you have many options to choose from. Selecting the best one for you 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 Hampton 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 fees to ensure you understand the true cost of this option.
If you feel your health needs could stop you from living fully independently, you may want to consider an assisted living facility. There are several highly-rated communities in the Hampton area for you to explore. Assisted living facilities are staffed with professionals that can help you safely and healthfully complete activities of daily living, such as bathing, getting dressed, preparing meals and managing medications.
Ready to get started? Contact me:
Christopher Garguilo, Broker Associate, Willow Beach Real Estate, LLC
I am committed to ensuring you get the best real estate experience possible, and I look forward to helping you find your dream home and offering you the best real estate experience possible.