Thornton Colorado is located about 15 miles North of Denver, and is on the East side of I-25. Thornton’s West Border is along I-25, and continues East all the way to Brighton. Thornton’s South border is at about 80th, and extends all the way to 160th on the North side. The largest geographic advantage to owning real estate in Thornton is proximity to both I-25 (which makes for a relatively easy commute to Denver), and proximity to Denver International Airport.
E.B. Rains Park - is One of the most popular parks in the Thornton area and borders Thornton and Northglenn. E.B. Rains Park might be in the middle of the city, but it has a beautiful man-made lake with paddle-boat rentals, biking trails, volleyball courts, basketball courts, picnic facilities, and acres & acres of grassy open space for those who aren’t able to reserve picnic space.
Real Estate prices in Thornton CO are some of the lowest in the area. Single family homes in Thornton can be purchased for as little as $180,000, but there are high-end homes in Thornton
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How "Rent-to-own" homes work - You can "rent to own" a home in Thorton
If you have the financing and credit history to buy a home right now, rent-to-own or lease to own is not a smart choice. But if you lack the cash for a full down payment and need a year or two to get your credit history cleaned up before securing a mortgage, you're just the sort of person rent-to-own homes were designed for.
Here's how a lease to own house purchase works: You, the optionee, lease a home for a period of one to three years from a seller or optioner. At the end of that lease, you will have the option to purchase the house at a predetermined price written into the contract. Instead of a down payment, the renter pays an option fee. Option fees are smaller than down payments, and usually between 1% and 5% of the home's purchasing price.
The other part of the rent-to-own home contract involves your monthly rent. In order to build equity in the home, secure your financial position, and insure a monetary benefit to the seller, most lease to own housing contracts charge a monthly rent higher than market value. A down payment is accumulated by the combination of the option fee and a monthly premium, e.g. an extra $500/month in addition to a $1,500/month rent, plus your $4,000 option.
Here's the gamble: If you do not or cannot exercise the purchase option in your rent-to-own home contract, you lose both the option fee and the monthly premiums. But if you are able to clean up your credit and secure financing, you will have accumulated equity and locked in a fixed sales price on a home.
So are rent-to-own homes for you? That's probably something you should determine with a financial advisor. Current housing market trends, the strength of your credit history, and the length and terms of a rent-to-own housing contract should all be factored into your decision. Rent-to-own homes are a big risk, but your chances of success will be greatly improved by doing your homework and soliciting professional consultation.