How to start you wine collection
Many people love and enjoy collecting wine as a hobby and as it can also be an investment, it satisfies both the heart and financial aspect as well.
So how should you go about starting your collectible and vintage wine collection? Well, it all depends on how much time and money you have, as well as considering what you'd like to get out if it in the long term. If your only goal is to build a good collection of high-quality wines to be enjoyed over the years, then you could possibly do this yourself and enjoy the hobby.
Doing it yourself doesn't even need to be more taxing as the internet is now a great place to find the best wine lists in the country and have them sent to you in the comfort of your own home. The UK is fast becoming a great and rich source of the finest wines from all over the world, so wine collectors have the world at their finger tips.
There are, however, some things that you can do to help benefit your collection. Below are a couple of things to keep in mind when you're starting your own quality wine collection;
It's a good idea to seek professional help and assistance as a good merchant will compile a wine portfolio for you which will be dictated by your wants, needs and of course, budget. It's also worth looking into some companies who run cellar plans with monthly charges ranging from as little as £25 to as much as £250 a month, with all of the fees going towards the purchase of your wine.
WINE IN A WAREHOUSE
Wine kept in a bonded warehouse is actually exempt from duty and VAT. If you do decide to buy through a merchant then they can arrange storage for a reasonable fee.
Again, however; you can also do it yourself. Some companies have earned reputations for caring for many prized vintage wine collections and they often also offer to include full-value insurance and other beneficial add-ons. Insurance is definitely a great addition to have and this is one of the positives for letting a merchant take control of your wine, however, if you are controlling your own collection in your own home then you can arrange with your insurance company to have your collection included on yourhome insurance policy which will help ensure its protection.
A home insurance article written by Gill Critchley - for moneysupermarket.com.