Are you making someone else rich? If you’re paying rent, chances are the answer is yes. If making the leap to home ownership seems out of your reach due to financial resources, buying with a buddy may be your answer.

Alone, significant down payments and mortgage payments can be overwhelming and seem out of your reach. With a partner, however, these things suddenly seem doable.

Buying with a buddy has several advantages, including sharing payments as well as the cost and keeping up the home, but to keep the grass greener on both sides some pre-planning is necessary. Communication and determination of how possible future situations will be handled are vital.

What if one of you takes a job in another state? Will you sell the home? Will one partner buy the other partner out? What if one of you dies? These scenarios may seem far fetched at the time of purchase, but they are things that should be considered. Ask your realtor about a tenancy-in-common or TIC agreement, which spells out how you will handle various contingencies.

Be sure to clearly write out a technique for resolving differences of opinion. Discussing and agreeing on a plan before purchasing a home together can mean the difference between a smooth transition and a nasty split.