Worth it to redo the backyard

[pedsmd]

We're redoing our backyard. We have a few school aged kids and the pandemic has made us rethink things and realize the value of family time at home. We live in a HCOL area of the north east. We don't have a lot of land. Our backyard is like 1500 sq feet. We were quoted for 1000 sq foot of patio with pavers, a concrete slab for a hot tub and an extensive outdoor kitchen (we like to grill/cook) $44,000 with granite countertop on concrete block with stone. $15,000 of that is for the kitchen. That's not including a hot tub, pavillion for the kitchen and a motorized pavillion cover for the hot tub, grills/sink/cabinetry for the kitchen , firepit.. Total cost will be close to $80,000. End product will be a backyard sanctuary where we can hang out, relax, entertain, cook.

We're financially secure in our mid 40s. Net Worth of 3.5 million mostly in pretax retirement investments. Stilling paying off med school loans by choice (2%, rather invest. I know. goes against some of the standard advice) and 12 years left on the mortgage. The project would be paid for in cash.

1. For those that have done it is this type of pricing in line with what you're seeing?

2. Is this nuts to dump so much money into our backyard? We figure we'll be in the house for another 15 years or so and then move to a LCOL area once our kids are out of school.

3. Does an outdoor kitchen payback in terms of home value?

[ObgynMD]

My vote is to do the yard! You are a multimillionaire 👍 YOLO

[Nysoz]

Save 20% towards retirement and spend the rest on whatever you want.

Im no real estate expert but you rarely get the full value of whatever you add onto a house. It may help sell a house but look to recapture maybe 50% of the value in the sale price.

[VagabondMD]

If you plan on staying in your home for 5-10 years or more, and you will enjoy it, I would do it. The price does not seem unreasonable.

[Anne]

Sounds reasonable to me. I wouldn’t worry about what value you will recoup 15 years from now. At your stage the question is will you get increased value in QoL commensurate with the cost, by your description it sounds like the answer is yes. As with any home improvement project just be prepared for it to be more expensive and slower to build than you initially think.

[ENT Doc]

Post pics! Sounds like a beautiful backyard that I’d love to look at and visit but never build.

[Brains428]

I think its fine.

FWIW- a hot tub tends to be worth it for the first year and not much after that. But, I'm from the southern half of the US. Perhaps it's better if it can be utilized more frequently.

[pierre]

I’d just be careful with the kitchen. You’ve probably done way more research than me, but I’ve read about people having issues with built in grills, etc and then you end up with a regular grill next to your fancy built in that no longer works.

[jhwkr542]

The best way to know if the price is good is to get multiple quotes. Sounds like a reasonable expense though haven't done one myself. Don't plan on getting your money back in resale value.

[VentAlarm]

Sounds like you want to do it and can afford it. Live a little, it’s why you work so hard!!! Enjoy!!

[pedsmd]

Thanks for the feedback! On paper we could afford it. I guess I'm pausing since this is the most we've ever spent on anything (outside of our house). Our house was only 10 years old when we bought it. We've done repairs, and some repainting but no major stuff. On paper the net worth is nice but it's mostly in retirement accounts so I don't "feel" rich. I guess it's the south Asian scarcity mentality!

Brains428. Why do you say hot tubs don't get utilized after the first year.

pierre yeah you need to make sure you buy a decent quality grill and maintain it. You can replace them later but the idea is not too. I have 2 grills right now. One of which is 15 years old and still cooks like brand new.

[Bev]

I would definitely redo the back yard. It probably won't really add to the value of your home, but you will enjoy the space more.

[Tim]

Sounds like you want to do it and can afford it. Live a little, it’s why you work so hard!!! Enjoy!!

You definitely can afford it. I simply question the value and time frame. Maybe I am just CHEAP.
The layout is important. The aesthetics is more of my concern.

• You are basically converting your backyard into a very nice patio area.
• Anything "new" looks great. But you haven't "furnished" the patio and landscaped.That will be a big factor in the "ambiance" and look.
• With the NE weather it will take its toll. In 5 years everything will "age". The question is how gracefully.
• With the kids, you will use it a lot when its new. Is there a recency urge that is that will not be present in 5 years? I can see it being "repurposed" for a place for the kids to have friends over as well. The question is will it be attractive to them.
• The canopies, cabinets, built ins, and hot tub will age and need maintenance. It's human nature to put things off. Everyone likes a "new car" shiny and spotless. A 5 year old car not so much.
• 7-10 years it might actually hurt your resell. No backyard and no place for the kids and the dog to play. Needs to be "updated" etc.

My suggestion is to view this as probably a 5 year consumption item, not an improvement that will add resale value. If it fits your needs, do it. You are repurposing your backyard to an outdoor living area in the NE. If you use it, great. It is outdoors with the elements, a limiting factor.

[pedsmd]

Good points. I'm cheap as well which is why I'm pausing to think before taking the plunge.

I'm definitely getting a few quotes to make sure I don't get the "doctor price" LOL. The folks we're considering all do some really nice outdoor work so I'm sure it will look great. I used to grill only in the warmer weather. With the pandemic I grilled all winter since there wasn't much else to do.

I am worried about the weather which is why we're putting a pavilion on the thing for coverage.

I'm not so worried about the maintenance. I'm pretty meticulous about my current grill line up. My Weber is 14 years old and due to upkeep by me and a few replacement parts it works as well as a brand new one.

I actually want my kids to have their friends over. I think having a nice backyard where my kids would want to hang with their friends as they enter the teen years means I can have a little more oversight.

The plots in my neck of the woods are small and no one has what I would consider a backyard. Ours is about 40x40 and 1/2 of it is paved. The house is set back so the front yard is bigger for asthetics and the backyard isn't that functional as a large play area.

You definitely can afford it. I simply question the value and time frame. Maybe I am just CHEAP.
The layout is important. The aesthetics is more of my concern.

• You are basically converting your backyard into a very nice patio area.
• Anything "new" looks great. But you haven't "furnished" the patio and landscaped.That will be a big factor in the "ambiance" and look.
• With the NE weather it will take its toll. In 5 years everything will "age". The question is how gracefully.
• With the kids, you will use it a lot when its new. Is there a recency urge that is that will not be present in 5 years? I can see it being "repurposed" for a place for the kids to have friends over as well. The question is will it be attractive to them.
• The canopies, cabinets, built ins, and hot tub will age and need maintenance. It's human nature to put things off. Everyone likes a "new car" shiny and spotless. A 5 year old car not so much.
• 7-10 years it might actually hurt your resell. No backyard and no place for the kids and the dog to play. Needs to be "updated" etc.

My suggestion is to view this as probably a 5 year consumption item, not an improvement that will add resale value. If it fits your needs, do it. You are repurposing your backyard to an outdoor living area in the NE. If you use it, great. It is outdoors with the elements, a limiting factor.

[jfoxcpacfp]

I’d just be careful with the kitchen. You’ve probably done way more research than me, but I’ve read about people having issues with built in grills, etc and then you end up with a regular grill next to your fancy built in that no longer works.

Have the t-shirt.