is costing or costs?

[haseli22]

Dear native speakers,

Which verb for is correct in the following context?

We're having our house completely redecorated. It's costing/costs a lot.

Thanks.

 

[Grumpy]

Colloquially, any of "It's costing a lot", "It's costing us a lot", or "It's going to cost us a lot" would be fine.

 

[haseli22]

If we don't consider it colloquial, then "it's costing" is wrong? Isn't it used in standard English?