Anonymous wrote:Basement.
Your kid will probably only use the swingset until around 1st-2nd grade tops, maybe less than that if there is a playground across the street. Your kid will only need the fence until around the same age. After that, kids love open yards or front yards where they can easily run between houses and through the neighborhood.
Honestly, if I were you I would only finish the rec room and bathroom in the basement. For the space you would use as a bedroom, I would leave completely unfinished and include on the permits that it is unfinished storage.
With the money you would have spent on the bedroom, I would put in a basic backyard fence (only because your property sides to a busy road).
Next year, when your tax return comes in, finish that extra bedroom.
Add little touches now and then such as potted plants, new chair cushions, stained concrete, etc, from time to time as your budget permits. Don't do the backyard all at once, and don't buy the swingset.
One more thing.
As one who has lived in the house during a basement renovation and also while improving the yard, it is MUCH easier on the family to live in a house during a yard renovation than itis during a basement renovation. Inside remodeling creates a ton of fine particulate dust that takes a while to go away. It is also noisy and takes longer than you would expect.