In the world of construction and building management, there are new rules and regulations being implemented all of the time
It is vital to keep up with them because you do not want to end up breaching rules, nor do you want to put your occupants’ safety at risk.
With that being said, in this blog post, we are going to take a look at the Built to Rent scheme, providing an insight into the Building Safety Bill and what it means for investors and building managers of these sorts of properties.
Built to rent, otherwise shortened to BTR, is a term used to describe an emerging sub-market within the private rented residential stock within the UK.
This has been designed specifically for renting out, rather than for sale. Institutional investors typically own properties like this while specialist operators will manage them.
If you do decide to purchase a property purely for the purpose of renting it out, you need to make sure that you adhere to the rules and regulations that are in place.
This, of course, includes the new Safety Bill that is coming into place.
The Building Safety Bill is going to clearly identify the individuals that are responsible for safety throughout the design, construction, and occupations of built to rent properties.
Occupants will have greater avenues when it comes to raising safety worries. Furthermore, mechanisms will be implemented to make sure that all of their concerns are heard and taken seriously.
Aside from this, rights will be extended to compensate for unacceptable defects and substandard workmanship so that quality control is enhanced.
This bill will also look at driving changes that are required across the sector. This will mean that built to rent properties will be safer and deliver better quality throughout the coming years.
We should also note that the Building Safety Bill means that tenants in high-rise developments are going to have a much bigger voice in terms of building management.
Mixed-use properties can often have greater complexities when it comes to safety management, and this is something that needs to be taken into account when you plan for the new Safety Bill.
After all, it is all about making sure higher safety standards are adhered to, and that people’s concerns and worries are taken into account as well.
No matter what type of building you own, you will need to make a dedicated effort to adhere to the new regulations that are soon to be implemented.
Now that you know what the Building Safety Bill is and how it impacts built to rent property owners, it is important to turn your attention to the steps that you can take in order to prepare for these new rules and regulations.
You will need to start off by thinking about how you are going to make sure you meet all of the new responsibilities that are going to be enforced.
A lot of companies will need to expand their current team or offer further training opportunities or they could end up failing compliance.
This is not something you can simply do on the eve of the Bill being introduced. You need to start planning and preparing now.
One of the key elements of the Building Safety Bill is the introduction of the Golden Thread. This means that more digital investment is going to be required so that you can record the building’s lifestyle.
There needs to be a free flow of information about the building so that safety can be managed effectively.
Ultimately, everyone needs to operate with the mindset that the building’s operational safety is chief, and accountability does not stop once the construction or design process has finished.
As the owner of a built to rent property, the responsibility falls on your hands as well.
If you need help and assistance with the built to rent scheme from a safety perspective, please do not hesitate to get in touch with our friendly and experienced team today and we will be happy to assist you.
We have many years of experience in the industry and a proven track record, so you can be sure that you will be in safe hands. We look forward to hearing from you.