Home Shares are living arrangements in owner-occupied single-family residences located in R-1 districts where separate rental units are disallowed by City code. The home share gives the homeowner a legal way to bring more money into the household to help with the increasing costs of maintaining a home.
A home share is not like a rental where the owner or property manager may chose to take less profit in order to make the cost more attractive**. As a home share, the homeowner is not allowed to make a profit. 100% of housemate's monthly reimbursements are applied to house-related operating expenses such as utilities, maintenance & repair, insurance, mortgage, and property taxes. In a home share the amount of the reimbursement is based on what the homeowner must have in order to keep the lights, heat, and water on, literally. Rightly so, as the City sees it, the housemate is helping the homeowner to keep their home, where otherwise they might lose it because of high operating costs.
**Not all rentals make a profit, some only break even, and some are continually "in the red" only held up by other more profitable properties in the owner's portfolio.
No "Hidden" Costs
Where rental contracts may include water, sewer, and garbage in their monthly rent, home shares include those three items plus practically every other utility and service that you have to pay for separately in a rental. The SpringWater Home Share also includes upgraded appliances, a built-in high-speed network, high-speed broadband Internet, hospital-grade surge-protected outlets, a furnished semi-private brick patio with BBQ grill and fireplace, and other features and upgrades not found in rentals.
You Get What You Pay For
No one wants to overpay, but those who go out of their way to find the least expensive housing usually get what they pay for... very little. As a general rule with Pullman rentals and home shares, the more expensive the arrangement, the more likely the more square footage, and/or greater the view, quality, features, and amenities.