SEATTLE – Many first time home buyers in the Puget Sound area are finding themselves priced out of the market these days, especially in King and Snohomish Counties.  With most of the jobs in Seattle and the Eastside, those who can afford a home many times have to live so far away that the daily commute to work is unbearable.

The median price for single family homes and condos in King County in April was $407,000.  It was nearly $350,000 in Snohomish County.

With prices that high, one solution being tried is shared home buying - friends, strangers or unmarried couples who want to get into a home but can't afford to do it on their own.

Any homeowner knows it's not all bliss.  Owning a home can be a major stress factor, especially if more than one person has to make the decisions on what to do with it.

Todd Britsch of the data research company New Home Trends says if you plan to go in with someone to buy a home, treat it like a business, make it a short-term commitment and plan for any and all contingencies.

Britsch says try finding the property on your own, not through a real estate agent.  Once you've settled on a place, see a real estate attorney and write up a contract that outlines how the property will be managed and when you plan to sell. You can sell the home either when it reaches a certain value or when you get to a certain date.

Britsch says to limit contracts to three years. That way both people don't have to be committed to the partnership for an extended period.  Britsch cites a pair of college students in Idaho who bought a home together but agreed to limit the purchase to three years.  It was a perfect marriage because the students knew they would be committed to college so they would have no reason to leave.

But even the perfect arrangement hits unexpected pitfalls. This is where it gets tricky.  You never know what is going to happen.  Someone might get married.  One of the partners may want to get out or simply can't afford to continue paying their share.  Britsch says it should be in the contract that if one person no longer pays their share of the investment, they would lose their claim through a quit claim deed.  That way, the owner who is still keeping up their end can bring in a new investor.  Obviously, there are unforeseen hardships to consider such as lost wages or expensive medical costs.

Britsch says try to look at the best- and worst-case scenarios that could arise during your partnership and know what's predicted for the market so you both don't buy into a losing proposition.