The first thing you need to realize is that - although you will be the one building it, and it may even be on your land completely - a privacy fence has to be agreed upon by both neighbors, rather than being a decision made and executed by one, as the completed fence will essentially become part of each person's yard.
If you have talked to your neighbors and made sure they are okay with you going ahead and erecting a privacy fence (and who knows - you might even be able to get some money out of them as well!), it will also be important that you do not cut corners in constructing the fence, as this can end up costing you more money in the long run.
And it is a sure sign that you need to do a bit of research before you start building the fence if you realize that you are not sure exactly what "cutting corners" or "not cutting corners" would entail; take the time to do some research before you begin to build, and this will make a big difference in how things turn out in the long run.
When you take the proper approach to undertaking this project, you should be able to build a privacy fence around your backyard, without upsetting your neighbors, and without spending more time and money on it than you should have to!
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