Coupla things… easiest stuff first…
1 - Central vs PC storage. Do you want to share your files with other PCs in your home? If so, a NAS or a disk attached to your router (more on this later) is the easiest best way. Think about it… I use a NAS for centralized backup of all my PCs and to distribute music and photos… PCs are in my home theater, keyboard setup, work laptop, and Her PC. So… a centralized backup and distribution system is important in my world.
2 - If Central, what kind of setup? NASs are my choice because I am protected by disk failure (RAID 5). (I do backup my NAS - I have quadruple redundancy because I am a paranoid nut. Also I set my NAS to spin down the disks after two hours of non-use thus extending the life of the drives.) Another option for centralized storage, is take your disk drive with your data and buy a case that has a USB port on it. Your home router most likely (all now?) has a USB port or two that can support a disk drive. In the router software, you can set it up as a common, shared drive on your home network. This is a cheap setup. Read more here: https://www.digitalcitizen.life/how-to-turn-your-asus-router-into-a-nas/
3 - Speed requirements. Putting music files on a drive external to your PC or on a network (see above) is no issue… but I recommend not using wireless (more below) and I use a direct Ethernet connection to my router. It is how I feed my DirectStream DAC (NAS->PC->DAC) I never had a problem and that goes back many years when drives and networks were slow. My player, Foobar, has a buffer size slider so I can increase the buffer on my PC to avoid stream juddering. Again, no issue now but check to see if your player has this functionality. What this does is if your network or disk drives are being hit by multiple users, you may get juddering, so the PC stores up a few seconds of music in case of an interruption.
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If your PC is not a speedy one, I found the more hard drives you attach to it can slow it down a bit. I once, just for chuckles, installed a bunch of small spinners that were gathering dust on my shelf and found it slowed my machine down. For reasons only known to Microsoft engineers, the operating system would randomly decide to " check " on each drive before it would do anthing else. Sheesh.
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Wireless is evil. Make sure you are running the faster 5G LAN wireless else you may have juddering problems. Further, if you have many devices sharing the bandwidth or your signal strength to your PC is not super… you get degradation of throughput performance. If there is nothing you can do and must go wireless, maybe direct connect of your drive to the PC is best way.
So, in summery, if you are going to share files over your network or want a common place to backup files from multiple PCs, a NAS is the best way by far. If your world revolves around only one PC, it is cheaper to plug that drive into that machine… either internally or via a little USB 3.0 box. However, you still need a backup solution and therefore more drives… hence you may as well get a NAS.
Top Tip for a NAS: Use RAID 5 and make sure you configure it to send you an email should a disk fail. My buddy lost all of his photos from various family trips… he installed a NAS in his home but never logged into it to check its logs… lost a drive and didn’t know it, then lost a 2nd and that was game over. He said he didn;t check it for two years.
Iron Wolf drives: Yep, for NASs… and I had one fail after 3 months. Got it replaced under warrenty but the process was painful and took a full five weeks of processing… I am not saying iron wolf drives are bad, but it was what it was.
Peace
Bruce in Philly