5 Tips For Staying Compliant With Your HMO Obligations
As an HMO landlord in Cambridge you’re no doubt very aware that you have certain legal obligations to comply with. However, as the law is always changing and the regulations are constantly being updated, it can be difficult to stay on top of legal requirements.
Although maintaining compliance is one of the least appealing things about being an HMO landlord, it’s still vital to implement a strategy to ensure you’re always keeping up to date with the relevant laws and the responsibilities that come with them. After all, if you fail to meet your obligations, you could face a steep fine.
It isn’t surprising that many HMO landlords in Cambridge feel overwhelmed by this element of their property investment. Fortunately, our professional team can help.
We pride ourselves on bringing local HMO landlords the most accurate and resourceful information possible, so here are our five expert tips to help you keep up with all your HMO landlord legal requirements —
1. Keep Up To Date With The Property Market News
Latest property market news and updates are readily available on social media platforms and industry websites. Landlords who value timely information will do well to subscribe to as many platforms as possible and this will help you stay up to date with the developments and changes within the sector, so you won’t be caught out by any changes.
My top tip:
Be sure to subscribe to our very own newsletter — the Cambridge Property Report, which is free and can be found by following this link.
2. Attend In-Person/Online Industry Networking
As an HMO landlord or investor in Cambridge, you will find that joining local in-person industry networking groups will bring you a host of advantages.
Not only will you hear the insights of other HMO landlords in your area, but you’ll also be able to build up contacts and relationships that can profit you in the long run as well as being sure to hear about the latest changes to legislation that may affect your investment.
My top tip:
Babouris lettings director, Alex Babouris hosts a regular event which brings together a wide range of contacts who share an interest in the local property market. This includes industry experts in the field of finance, legals, planning, design, construction, fit-out, staging and of course — lettings and property management. Send an email to hello@babouris.co.uk for an invitation to join the next Cambridge Property People event.
3. Engage With Local Councils
The local housing authorities in Cambridge can be a source of good information, but are often overrun and under-staffed meaning the response times to your queries could be excessive.
Be sure to check our the websites of Cambridge City Council, South Cambridgeshire District Council and East Cambridgeshire District Council for guidance on the standards and requirements you must comply with as an HMO landlord.
4. Keep A Compliance Checklist
Although gathering documents together is neither easy nor fun, it’s something that you must do as an HMO landlord, and it’s vital to ensure you’ve left nothing out.
Making a checklist will help you to stay on track with everything you have to supply and help you develop effective processes and systems to make sure you’re keeping up with your legal requirements.
You can always use our Ultimate Guide to HMO Compliance because as landlords ourselves, we know firsthand that compliance can be a minefield. Download and use our free guide that has all you need to know.
5. Use A HMO Property Management Company
For many HMO landlords in Cambridge, managing their own HMO properties can be stressful and time-consuming. Fortunately, there’s a better solution and it is usually more cost effective than you might imagine.
Using the services of an experienced, professional HMO property management company like Babouris will ensure your Cambridge property investments always remain fully compliant with the law. At Babouris, we will also handle all the other challenging elements of HMO management on your behalf.
To find out more about how our team of passionate experts can help you stay on top of your HMO landlord compliance requirements, give us a call today on 01223 953899 or send an email to hello@babouris.co.uk.
Meet The Writer:
Alex Babouris is a HMO investor with more than 10 years of experience. He is the founder of Cambridge Property People – a community of local property professionals, investors and enthusiasts, and Alex is the founder and lettings director at Babouris – a specialist HMO property investment and management agency.