Patio question

CuriousKiddosMama · January 2015

Hi everyone! I really need opinions here because DH and I can't agree. We want to extend our useless patio (could maybe fit a bistro size patio table on there with 2 chairs, nothing usable for guests or eating dinner outside). That is going to cost is around 10k which we have in the bank right now.
My dh wants to do this now so that we can enjoy the patio this summer and use it as long as we are in this house (goal is until retirement we stay here).
I'm semi afraid to spend this cash. I'm a stay at home mom. Dh works in the oil industry, and gas just keeps going. Down. His company has said nothing about layoffs, and he has been there for 5 years so he would probably one of the last let go, but it still worries me. We have about 6 months in our e find, plus other savings if something did happen. I was a teacher so I wouldn't be able to find a job quickly, I would be subbing at best, working retail at worst if need be.

The only debt we currently have is the house. We do use our discover card for some things but we pay it off every month.
So, what would MM do? Thanks!!!

formerlyGDaisy09 · January 2015

hmmm...do you have estimates for the work on the patio? we did ours ourselves, it was a lot of work, and came out nice because DH is patient and a perfectionist. It's pretty small...but 6-8 people can hang out out there, but I think it cost us less than a $1000 once we bought the fill and pavers, we did go with cheaper pavers just because we cared a little more about having that space sooner rather than using really nice materials.

We're fairly DIY inclined, so we spent a some time on the internet researching the right way to do it. We are also very much in favor to makeing changes to our home that are going to allow us to enjoy it more and stay here longer.

This isn't our forever home, but I think @hoffse pointed out once that if making a change is going to mean we get 4-5 more years in our home building equity and saving for our next home that those updates are worth it.

Erikan73 · January 2015

Would extending your patio something that would add to the enjoyment of your backyard and would you see yourself outside more because you have a patio that is more useable? If it is, then I would consider doing it then. .

Xstatic3333 · January 2015

The oil industry thing would make me nervous too, but if you'd still have a 6-month e-fund after the deck I'd be cautiously comfortable with that.

hoffse · January 2015

Gdaisy09 said:

hmmm...do you have estimates for the work on the patio? we did ours ourselves, it was a lot of work, and came out nice because DH is patient and a perfectionist. It's pretty small...but 6-8 people can hang out out there, but I think it cost us less than a $1000 once we bought the fill and pavers, we did go with cheaper pavers just because we cared a little more about having that space sooner rather than using really nice materials.

We're fairly DIY inclined, so we spent a some time on the internet researching the right way to do it. We are also very much in favor to makeing changes to our home that are going to allow us to enjoy it more and stay here longer.

This isn't our forever home, but I think @hoffse pointed out once that if making a change is going to mean we get 4-5 more years in our home building equity and saving for our next home that those updates are worth it.

**************
I think the patio is something you should be looking to do... but I would hold off until the oil industry rights itself. It will (eventually), but I would want to hang onto that cash until you guys have a chance to ride it through.

The Saudis seem very interested in glutting the market right now, but I don't think it will last forever. I would be really surprised if it continued the rest of the year, actually.

Still - right now, virtually no American company is making money in the oil business, and that will continue until something changes. The big companies ought to be able to ride this out, but smaller companies could face some problems if they don't have enough in reserve/can't get an extension of credit from their lender.

vlagrl29 · January 2015

I'm gonna say extend the patio. DH had to convince me to add a concrete stamped patio 3 years ago - we did pay cash and we got a hell of a deal because of his negotiation style. I'm so glad we did it because now we actually go outside. we were able to put a bird bath on it, patio swing, patio table and chairs and a fire pit. It basically extends off our wood deck. Eventually there is space to one day put a hot tub in. We are able to have patio parties with plenty of room for everyone and DD can play out there in the summer. We had ours poured in July but I'm sure it's better to do it when it's not so hot out.

CuriousKiddosMama · January 2015

The patio is something that will absolutely let us enjoy our backyard more. We would have room for more than our grill, so we would be able to sit outside. This would even be nice for right now because LO wants to play outside and it would be nice to have a place to sit and watch him.
We don't feel that sDIY is an option in this neighborhood. It would end up hurting us when we try to sell in the future. It would look funny to have part of our patio covered by the roof of the house and the rest of it covered by something else, and that is outside of our talent. We also want it concrete again, to match the small part we have.
Dh works at a small Singaporean based company. They have said no bonuses this year, but have said nothing about layoffs. They also are supposedly booked for work through mid 2016 in the office right now. So I am probably being super cautious, but if they lose jobs, then they will probably also have to lose people. I am also thinking hoffse is right, oil won't stay this low long. So maybe I can persuade dh to wait until it starts coming back around.

Erikan73 · January 2015

Just this afternoon the local news is reporting that gas prices are on the way back up. I've enjoyed it while it's lasted but for your husband's job hopefully that means good things.

vlagrl29 · January 2015

Erikan73 said:

Just this afternoon the local news is reporting that gas prices are on the way back up. I've enjoyed it while it's lasted but for your husband's job hopefully that means good things.

Darn! I was hoping they would stay down for longer. We are at $1.68 per gallon here.

Xstatic3333 · January 2015

vlagrl29 said:

Erikan73 said:

Just this afternoon the local news is reporting that gas prices are on the way back up. I've enjoyed it while it's lasted but for your husband's job hopefully that means good things.

Darn! I was hoping they would stay down for longer. We are at $1.68 per gallon here.

That's crazy low! Wow! $2.19 here in RI.

vlagrl29 · January 2015

Xstatic3333 said:

Erikan73 said:

Just this afternoon the local news is reporting that gas prices are on the way back up. I've enjoyed it while it's lasted but for your husband's job hopefully that means good things.

Darn! I was hoping they would stay down for longer. We are at $1.68 per gallon here.
That's crazy low! Wow! $2.19 here in RI.

we are in the midwest - MO. Last month we spent $200 less in gasoline - it really did help our budget.

CuriousKiddosMama · January 2015

vlagrl29 said:

Xstatic3333 said:

vlagrl29 said:

Erikan73 said:

Just this afternoon the local news is reporting that gas prices are on the way back up. I've enjoyed it while it's lasted but for your husband's job hopefully that means good things.

Darn! I was hoping they would stay down for longer. We are at $1.68 per gallon here.
That's crazy low! Wow! $2.19 here in RI.

we are in the midwest - MO. Last month we spent $200 less in gasoline - it really did help our budget.

Wow! We are in tx and gas didn't get that cheap down here. The lowest I've paid was 1.77, and I thought that was awesome!

MommyLiberty5013 · January 2015

DH just got $1.61 at a Costco here in the Twin Cities.

vlagrl29 · January 2015

and if I shopped at Hyvee for groceries I could get it even less but I don't. They are a grocery store here and they have a fuel saver card. Certain food items add points on your card and you can get a lot of $$ off the price of gas.

Patio question

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