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Cost sheet for the finishing work—how to create it?

Asha Bogenfuerst Asha Bogenfuerst
eclectic  by Yellow House, Eclectic
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There are many good reasons to learn how to create a cost sheet for the finishing work of your house or apartment. Basically, it enables you to keep a close eye on the costs of the building construction and materials used so you stick to your budget, and not overspend or get cheated. Finishing work is a fine job in the building construction process where it forms and completes the aesthetics of a building. A cost sheet is a simple and useful medium of communication which provides information in a clear and easy to understand format. It also helps as a comparative study of the various elements of costs with the past results and standard cost. 

This idea guide will brief you on the basics of a cost sheet, how to create one, and the common mistakes to avoid when creating a cost sheet. We hope that by learning how to create a cost sheet for the finishing work of your home, you can organize and manage your money and time efficiently. So, let's get started shall we? 

What do I need to know before starting with the cost sheet?

The finishing of a building can be divided into several sections: floor finishing, wall finishing, and ceiling finishing, so you should categorize the costs according to these sections in your cost sheet. 

Before starting with your cost sheet, you should compile as much information as you can about the cost of materials and supplies, even if it's just an estimate. You should be able to get this information from the construction manager. If you have the time, it might be worth while to do some research online to find out the actual costs of the materials and supplies you will need for the finishing work of your home. 

The beautiful house with Indian inspired interiors pictured here is designed by Spaces Architects@KA, architects based in Delhi, India. 

What is a cost sheet?

A cost sheet is essentially a report on on the accumulated costs associated with a jobs or products. In this case, the cost sheet will compile information about the costs of materials and labour during the process of finishing work for your home. 

The costs listed on the report are usually aggregated into three categories: direct material costs, direct labour costs, and indirect costs. Direct costs refer to the actual prices or rates of material and labour. Indirect costs refer to budgeted and estimated costs of materials and labour. Some other costs that may appear on a cost sheet in varying degrees of detail is shipping and handling, supplies, and outsourced costs. 

Key points of the cost sheet

The main key points of a cost sheet are the categories and sections you will have in your cost sheet which we discussed earlier, and also the format of the cost sheet. The most important thing is to make sure the categories and sections are clearly defined and you know exactly what goes where. 

It's a good idea to have a file or a few files to compile all the information you need for your cost sheet. Being prepared and organized will make the process of finishing work and creating a cost sheet much smoother and faster. 

Finishing work for the apartment

If you're thinking about doing finishing work for your apartment, sometimes it may be necessary to contact the management of your apartment and inform them of your plans, especially if you're renting. However, even if the apartment is yours, you might want to have it officially recorded with the management so that if you sell the apartment, you have proof that you renovated it. Either way it's a good idea to inform the management of your apartment. 

For more new ideas and refreshing inspiration on interior finishing, browse through living rooms designs here on homify

Finishing work for the house

Finishing work for the house not only beautifies the house, but strengthens the building as well. The first thing you need to do is decide how much finishing work your house requires. If your house is newly built, then you will have to do twice as much work. You will need extensive preparatory works related to utilities, wiring, and ventilation and various plumbing and installation works. However, if you're just renovating the house you're living, then you don't need all the preparatory works mentioned above. 

Keep in mind that the main rule of interior finishing for the house is do not start work in all rooms at once. Go slowly, starting from the room furthest away to the one you're living in. 

Most common mistakes and how to avoid them

The most common mistakes when it comes to cost sheets are the categories. Try to keep your categories as clearly defined as possible to avoid this mistake. Another common mistake is not updating costs properly. Keep in mind that the cost sheet is a living entity, hence it is expected to change, so make sure you keep it handy and change the numbers right away as soon as you have the actual price. 

We hope this idea guide has been informative and beneficial to you. For more ideas and inspiration, have a look at prepare your home for Spring.

Did you find this idea guide helpful? Let us know in the comments section below. 
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