It makes sense to rent
Monday 16 July 2018
Landlords who rent: Angela and Adam Plimmer
One Hamilton-based investor family has taken a strategic approach to creating financial security and they explain why renting themselves simply adds up.
By The Landlord
It was a chance encounter that led to Angela and Adam Plimmer meeting.
She was working in England for her OE and he was a civil engineer who attended a conference she spoke at.
Cards were exchanged and they discovered many similarities between them.
Both had served in the military; both had had a happy, but humble, upbringing with little cash to spare; and both had a passion for land rovers and off-roading.
Angela turning 35 and wanting some certainty in her future prompted a conversation between the two that would be pivotal to their lives.
They decided to get married and have children in New Zealand – after driving there from the UK.
Once settled in New Zealand, the two strategically divided up their roles: Adam would work so that Angela could focus on growing the couple’s wealth through investing, while raising the children.
But it was important to both of them that they get strategic about building their future wealth.
And that is what they have done. They are renting in Hamilton but they own four rental properties – two in Hamilton, two in Auckland.
One of their Auckland properties is a six acre block of land which they plan to build a family home on one day. But, for now, they rent out the flat they have built on it and weekend in a minor dwelling on it.
The couple say that they are thankful they didn’t invest in building that family home a few years ago.
“All that money would have gone into a high-spec building which we’d pour our hearts into . We would have spent $400,000 on it and we wouldn’t be living in it,” says Adam.
Nor would they have the two Hamilton properties they bought instead. “The best thing we ever did was not building the family home,” Angela agrees.
To read more about the Plimmers' property journey – as well as their tips for success - click here to get the digital issue of NZ Property Investor magazine.
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