As one of the status of one’s wealth, gold remains a timeless symbol of affluence. Because of its properties, it requires careful storage and safekeeping. The question is, which is the better storage space: at home or in professional vaults? If you have gold of any kind, be it jewelry or bars, today’s article will give you insight into the pros and cons of storing at home or in professional vaults while also highlighting key factors you should consider.
Home storage: a personal approach for safekeeping.
For people who want more control over their gold storage, then you should opt for home storage since it also allows you easy access. Be warned that as accessible as it is, it also carries a few risks, like theft or even natural disasters. Still, there are some ways you can lower those risks by doing the following:
Find a safe and secure location. Choose a safe and secure space in your home where you can install a hidden compartment; you can even get a safety deposit box or even store the deposit box inside the hidden compartment.
Install a home security system. Installing a home security system is also beneficial as an added security. There are different alarm systems with different components available for your choosing, but it’s best to opt for a system that has alarms and surveillance cameras on your doors and windows. Speaking of the latter, make sure these fixtures are reinforced so burglars cannot break in easily.
Get home insurance. Another important thing you should do is to ensure that your gold is also covered under your homeowner’s insurance policy.
Conduct regular inspections. Check both your hidden compartment and security system periodically to make sure that it’s secure and working. Besides that, keep an eye out for damages so you can do the necessary repairs ASAP.
Professional vaults: for a tighter option with added security.
For people who feel uneasy storing their gold at home, you can always choose professional vaults since they offer a high level of security. In contrast to home storage, professional vaults protect your gold from theft and natural disasters.
It offers increased security. Professional vaults boast of the latest security systems that are leagues ahead of home security systems. Some of the common features they have are state-of-the-art alarm systems, surveillance cameras, and biometric access control.
It has a controlled climate. Speaking of control, vaults have optimal temperatures, which help preserve your gold in the best condition.
Professional Vaults offers insurance coverage. Many professional vaults offer insurance coverage so you can sleep at night knowing your gold is safe and insured.
Additional factors to consider when choosing gold storage.
Value of gold. If you have quite the gold stash in your ownership, then it’s better to consider professional storage for a more secure option.
Risk tolerance. Both storage spaces come with their own risks, but if you believe your home security system is enough, you can opt for home storage instead.
Cost. Professional vaults are more secure than home storage, but keep in mind that they also come with fees and other charges; the amount may also vary depending on how much gold you own.
At the end of the day, your choice of gold storage entirely depends on you. If it helps you sleep better at night knowing it’s under your roof or if it’s safeguarded in the vault, choose one that works for you.