Faucet adapters are ugly and get in the way... just my two cents. Theres also no need to punch a hole in your water line. Here is a simple inline fitting that can be bought at almost any hardware store and installed under any sink. What you do with the waste water line is the real issue. I personally run mine to the laundry room so that I can use the reject water for washing clothes. Saddles can also be purchased to run the waste line into the drain plumbing. Or I guess you could just loop it over the sink and stuff it down the drain while in use.
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