It seems like everyone is preparing for a big boost.The current growth rate seems feverish but I've seen a lot of houses going up to prepare for the influx of population.If you have any questions, I'm available to answer them.

The interest rate isn't that huge of a difference between the 15 and 30 so worst case scenario if you have the 30 year option is you start paying it down on a 15 year timeline - sure you'll pay a little more in interest over the 15 years, but it will have been worth it if you bought another house.

However, what I don't know is how long have you been in your home (how much equity do you have in the home) and what is your current interest rate.  

You'll pay a higher rate and may need to have more of your own money in the deal in case of unexpected repairs. 

Rates will at some point allow you to refinance.  

If it was due to a natural disaster they cannot raise your rates.

Contact me PlzPS - Since 2003, Dean & DeWitt Property Management has helped investors buy, sell, and manage investment properties in the St.

In your case, changing the property from a rental to your primary residence constitutes a change in use.The depreciation recapture will be calculated based on the fair market value of the building at the time of conversion, not including the land value.Since you're tearing down the existing structure, the entire amount of depreciation taken over the past two years will likely be recaptured, as the building's value at conversion will effectively be zero.The recaptured amount will be taxed as ordinary income, up to a maximum rate of 25% for residential rental property (Section 1250 property).

So with interest rates high...

Don't expect rates to come down.