If you ask Christine Carnicelli which is her favorite room in the High Ridge Avenue house she and her husband Michael began renovating ten years ago, the answer is the same as it has been from day one – the kitchen. What has changed, however, is how the family lives in their home and how that affects their next steps. “My husband does most of the cooking these days and there is nothing better than sitting in our kitchen banquette with the fireplace going or sitting on a stool unwinding at the end of a busy workday,” says Christine.
When the couple first rolled up their sleeves to update the Classic Georgian Colonial, their three children were twelve and under, all living at home, and easily filling the space. Their initial goal was to create an environment that suited their young family and could grow with them.
To lure the steady stream of kids to the pool area, already tucked to the back of the yard, they added a pool house with a kitchenette, hot tub and landscaping that offers a somewhat private place to hang out. A new basement gym became a great space for their son and friends to work out. The recreation/living area above the three-car garage worked well for pajama parties and overnight guests. The three-year renovation, along with the ongoing tweaks, made it the perfect house for the family and all the entertaining they enjoy doing.
However, what was a good fit for a young family, doesn’t quite suit the Carnicelli’s changing lifestyle, especially as their son is an RHS senior and their twin daughters, already college grads are both working and pursuing master’s degrees. So, the family is parting ways with the house they have loved for so many years. Part of the reason is to downsize, but as a self-described amateur renovator, Christine is rubbing her hands together in glee as she anticipates their next step—a 1900’s carriage house with a sweeping front porch, a nice lot, a bedroom for each child to come home to and only a short walk to town.
“I guess you could say renovating is a hobby of mine,” says Christine, who co-owns the West Lane Inn with her partner Danille Petrie. In 2019, the two purchased the Inn, renovated during the COVID shutdown, and are constantly improving.
It will be fun to see what this energetic entrepreneur does next, but in the meantime, the High Ridge house is listed with Karla Murtaugh Homes of COMPASS who says it is one of those iconic classics with stunning sunsets that people always ask about when they drive by.
As for the Carnicellis, saying goodbye is bittersweet. “It’s time to hand over the reins to a young family who can enjoy it like we did,”
adds Christine. •
In the Market to Buy-
Figuring Out Home Financing
If you are scratching your head over the myriad of home financing products, there is good reason. There is a lot out there and the best place to start is by asking a lot of questions.
“You should consider your goals and shop around for the mortgage product that makes the most sense for your situation,” recommends COMPASS broker Tyson Lewis, who serves clients in both Connecticut and New York.
For example, a 30-year fixed rate mortgage might not be as cost-effective as a seven to ten-year adjustable-rate mortgage if you think you’ll move again or pay off the loan in the near future. Some banks offer interest-only loans, which can be a great option for a buyer who wants to keep their monthly payments low in the short-term. “Banks are always competing with each other to attract buyers,” says Lewis. “Each bank has its own list of products and options, and they frequently add new programs in response to shifting market conditions.”
Lewis often recommends that buyers work with a reputable mortgage broker who can source a wide range of lenders to find the most favorable loan product. “All banks, even those you have a relationship with, want to sell you their product, but theirs is just one of many options.”
While interest rates are important, they are only one of the several critical terms to consider. Depending on the situation, the rate lock period may be crucial. What happens if you don’t close before the rate lock expires? Will your interest rate jump up? Can you extend your rate lock for a flat fee or a per diem fee? If you know you’re closing in 30 days, this may not be a concern, but if you or the seller needs a longer closing timeline, or if you are buying a property that hasn’t been built yet (spec or pre-construction), the length of your rate lock period can be very important.
Other tips include asking lenders if they offer a “float-down” option which allows a buyer to reduce their interest rate if rates drop between contract-signing and closing. Many lenders offer a version of this, but is there a cost for exercising the option? Lewis says this is particularly relevant right now because it is forecasted that interest rates could drop again in 2024.
“Take the time to come up with a list of questions to ask each mortgage banker or broker. Don’t be afraid to negotiate with lenders. Asking the right questions, doing your homework and knowing what is possible can avoid headaches and potentially save you a lot of money,” advises Lewis.
