The current global financial crisis has taken a heavy toll on the construction and real estate sectors the world over. Spending on housing has declined significantly as rising cost of living and loss of jobs dissuade buyers from investing in homes. This scenario has forced many property developers to postpone their projects until the economy and real estate markets improve.

However, developers who are willing and capable to adapt quickly to meet the needs and preferences of the potential home buyers - in cost-effective ways - are likely to succeed despite the recession.

Below are a few tips for minimizing home building costs without compromising quality and style.

1. Estimate your home building costs

Estimating your home building costs requires you to have a floor plan. Take time to sketch on paper what you want your house to look like as this gives an idea of how much it will cost. Organize a meeting with architects, builders and suppliers for a budget analysis session. Builders who construct houses similar to the one you envision can provide you with a list of the required materials. They will also let you know how much they charge for house construction - depending on the size, style, quality and features of the house.

2. Find great prices

Rather than having your contractor purchase the required materials, buy them yourself. This way you will get them cheaper than if the contractor billed you for them. Most contractors usually mark up the price before billing their clients.

3. Minimize change orders

Planning before you build can significantly reduce the number of change orders in your project. Change orders are the most common reason a construction project exceeds the budget as they were not planned for in the original budgeting. Always be watchful on any changes to the original plan as you will be responsible for the extra costs unless otherwise agreed by you and the contractor.

4. Consider size, style and shape of the house

The above factors significantly determine the amount of money your house will cost.

* Size - Consider to build a home with a depth of less than 32 feet so as to eliminate the need for specially designed trusses. It is also advisable to work with even numbers and to always have the size of your house rounded up or down to the additions of two feet. By doing this you stand a chance to reduce the amount of wasted materials.

* Style - The style of your house greatly determines the cost. For example, a two-story house will cost less than a single-story house of similar square footage. The former will have a smaller roof and foundation. Besides, ventilation and plumbing in a two-story house tend to be more

compact.

* Shape - Consider minimizing corners and angles in your house as they increase the amount of materials and labor required to complete the house. If possible go for a rectangular or dome shaped house as it will cost less to build.

Building a house, as you will realize, does not have to be so expensive. All you need to do is to think outside the box to ensure you are saving cash on your project without compromising on the quality.