On the surface it seems like a fabulous idea: Carve out a portion of your home, rent it out and use the rental income to pay your mortgage. You get to live basically "rent free" while at the same time reaping the tax benefits of writing off some of the costs associated with accommodating a rental apartment in your home.
Students and precarious living arrangements go hand in hand like frats and keg parties, cramming and coffee, and professors and elbow patches. So with another summer marching along, you're likely on the hunt for a new place, but you'll be joined by a host of students and academics searching for an ideal apartment before classes resume in the fall.
Human tenants can just as easily ruin walls by putting nails in them, or allowing kids to draw on them. They can ruin carpets by walking around in muddy shoes in-house -- and by a multitude of other more creative ways. Arguably, some pets are better than their human counterparts. In fact, many pets are perfect citizens with impeccable manners. Some are not.
For anyone who's ever renovated in his or her home, you'll know that it takes a certain amount of imagination -- and faith! -- to envision what your new space will look like, especially if you're re-purposing a room into something new, like I just did in my client's downtown loft. He's a busy television executive and often has staff meetings and screenings in his home. This is how we transformed his space...