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17 Divinity St
Bristol, CT, 06010
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8605895155

Since 1975, O'Donnell Bros has been providing greater Bristol and Central Connecticut with residential and commercial remodeling solutions. We specialize in roofing, siding, windows, doors, gutters, downspouts and so much more. We look forward to helping you with all your remodeling needs. 

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Articles

O'Donnell Bros President, Bob O'Donnell, is a regular contributor to The Bristol Press. Read his home improvement articles here.

 

Filtering by Tag: investment

Thinking of Building a Tiny House? Here’s What You Need To Know

Chelsea O'Donnell

Tiny houses have exploded in recent years with more and more people ditching expensive mortgages and time-consuming maintenance in favor of downsized dwellings.  In addition to being cost-effective, tiny house living has a lot of interesting perks that make it a fun option for home ownership on a budget. Interested in learning more? Here are a few things you need to know before taking the plunge.

Let’s start with some stats. A tiny house is usually between 100 and 400 square feet, which will be a huge adjustment considering that the average American house size is 2,500 square feet. To put the size of a tiny house into perspective, you could fit 144 of them inside a football field. That’s a lot of houses in a little space!

If you think tiny homes are for millennials, you’re in the dark. In fact, two out of five tiny house owners are over 50 years old, making them a smart choice for both the young and adventurous and people looking to downsize and have less to worry about in retirement.

The average tiny house on wheels costs about $50,000 to build, while a house on a foundation can cost upwards of $110,000 or more depending on the bells and whistles. From an investment perspective, realtor.com reports that homes less than 500 square feet are appreciating twice as fast as the overall market (19% vs. 9%).

Speaking of money, it seems tiny house owners are more financially comfortable too.  It is reported that 89% of tiny home dwellers have less credit card debt than the average American and 60% of have no credit card debt at all. Tiny house owners have are even reported to have 55% more savings in the bank than the average homeowner.

So where do you start? Interestingly enough, an Austin, Texas-based construction company called Icon just unveiled the first-ever 3-D printed home in the U.S.. The 350-square foot home took just 48 hours to print and cost about $10,000 to create, though the company estimates that it will be printing 600 to 800 square foot houses for around $4,000 and will begin taking orders nationally in 2020.

If this new technology is a bit too hot off the presses for you, there are tons of more traditional options to consider, many of which use traditional building methods and materials on a smaller scale. Locally, Craft and Sprout is a Greenwich, Connecticut-based tiny house company with 20 years of experience in custom building. B&B Tiny Homes in North Adams, Massachusetts is another local builder that specializes in traditional and modern tiny homes with a truckload of customization options. Finally, I’d suggest taking a look at Wind River Tiny Homes for beautiful, unique designs. They are a bit further afield in Chattanooga, Tennesee, but their craftsmanship is hard to beat.

Have you thought about tiny home living? Do you have a local builder that you recommend? I’d love to hear from you, send me a message on Facebook at facebook.com/odonnellbros.

Bob O'Donnell is the owner of O'Donnell Bros, Inc., a Bristol-based home improvement company established in 1975. Email your questions for Bob to info@odonnellbros.com with the subject line “Ask the Pro”. All questions may be considered for publication. To contact Bob for your remodeling needs, call O'Donnell Bros, Inc. at (860) 589-5155 or visit www.odonnellbros.com. Advice is for guidance only.


Investing in a Fixer Upper? Bobby O's Five Must-Read Tips

Chelsea O'Donnell

For a lot of young people, a first step onto the property ladder might mean purchasing an older home that needs a bit of work. Fixer-uppers can be a great way to enter the real estate market, especially if you’re handy around the house and know a thing or two about remodeling. But if you’re new to the game, getting swayed into paying too much for a rundown home that needs more work than it’s worth can be a real risk. Here are some things to think about before sinking your life savings into a piece of property:

 

Mr. Inspector

No matter what, always make sure you have an inspector look at the property and report on his or her findings. Lots of homes look perfectly fine on the outside but have expensive or even toxic damage hidden within the property. An inspector will document any issues he or she finds, and at the very least you should be able to use that information to negotiate the price with the seller. If major parts of the house such as the foundation or structural walls need replacing, or if the house has lead paint, lead pipes, or asbestos, you might want to rethink your potential purchase entirely.

 

Your Budget +15%

Be really clear about how much you are willing to spend to renovate your purchase into the house of your dreams, and be sure to include the cost of materials, the labor and any permits and paperwork in your estimate. Know that very few projects run to budget, so tack on an extra 15% to give yourself some breathing room. Think about what projects have to be dealt with immediately and which ones can wait. Broken stairs might need immediate attention, but the pink sink and bathtub might just grow on you – at least for the first year.

 

A Piece of History

Make sure you are aware of the historic status of an old home. Many people purchase houses in an area or zone that doesn’t allow the aesthetic to be changed, which could put a real damper on your dream plans. Also, know that historic restoration is much more expensive than a normal remodel, and it often requires specialists to get the job done right. Be aware of this before you buy.

 

Keep it Vanilla

A lot of young people buy fixer uppers with plans to remodel in a way that suits them personally. This is fine, but consider what types of projects will enhance the resale value of your home and attract a wide variety of buyers. Additionally, make sure that your remodeling plans keep your house in line with the other homes in the area. Real estate experts suggest keeping your home within 10-15% of the median sale price of other homes in the neighborhood. The last thing you want to do is spend a fortune to revamp a house and then not be able to sell it when the time is right. 

 

Your Crew

Once you decide on your fixer-upper, make sure you hire experts to handle each individual job. Many people are tempted to get one handyman to install the flooring, replace the electrical, and fix the plumbing as a way to save money. This usually comes back to bite the homeowner as no general contractor can be an expert at everything. Find a pro that you love and ask him or her for recommendations. Every contractor has other tradespeople that they feel comfortable introducing to their clients because they do great work. Remember, it’s their reputation on the line too.

Bob O’Donnell is the owner of O’Donnell Bros. Inc., a Bristol-based home improvement company established in 1975. Email your questions to info@odonnellbros.com with the subject line “Ask the Pro.” All questions may be considered for publication. To contact Bob for your remodeling needs, call O’Donnell Bros. Inc. at (860) 589-5155 or visit http://www.odonnellbros.com. Advice is for guidance only.