For rent-to-own contracts, these two payments serve very different purposes:
Security Deposit
A security deposit is the minimum amount required to secure your order and reserve the building. This payment does not go toward the cost of the building. Once an order has been entered, the security deposit becomes non-refundable after 48 hours.
Cost Reduction
A cost reduction is a down payment applied toward the cost of the building. Making a cost reduction lowers the total amount being financed, which in turn reduces your monthly rent-to-own payment.
The customer is responsible for permitting. In Virginia, a building permit is generally required for storage buildings that are 256 square feet or larger. Buildings under 256 square feet may be exempt from a building permit, but they often still require zoning approval. Permit requirements can vary based on your city or county regulations and any HOA rules that apply to your property. We do not require a permit for delivery, and we’re unable to determine permit requirements for individual locations. For the most accurate information, we recommend customers contact their local city or county zoning/permitting office and, if applicable, their HOA.
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