The older a building is, the more costly it is likely to be in terms of maintenance and upkeep, it has been observed.

John Slaughter, spokesperson for the Home Builders Federation, notes that old properties may have a dual effect in increasing costs.

While a direct cause could be due to the expense of maintaining the structure itself, a further cost might be associated with a lack of energy efficiency, he explains.

But Britons looking to upgrade an old property or cover repair costs could opt for a secured home loan as a means of funding such excursions.

"Older buildings would generally be more expensive in terms of maintenance, you would expect that," Mr Slaughter comments.

"Certainly they're generally much less energy efficient than new builds," he contends.

Independent mortgage broker John Charcol recently claimed that an extra three million homes by 2020 will be insufficient to make houses affordable for many Britons.

Those opting to improve their current home rather than moving to a new one could find a secured home loan the most suitable means of paying for upgrades.ADNFCR-1287-ID-18344879-ADNFCR

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