We all tend to say 'need' when we mean 'want'- I do myself. That's fine if you're just talking generally about things, but in my experience, when it comes to hard-nosed financing, with any renovation you need to carefully separate real 'need' from 'want' when drawing up a budget. You can (hopefully) wait for things you want, so if they cost more than you think, you can defer and save up (deferring work can often mean you do it differently and better- covid delayed our kitchen, but we ended up with a better design for it because we'd lived in the house for a year). Not the case if a job is genuinely urgent, of course, but very few people 'need' a new kitchen or bathroom if there is one there that is fit for human habitation, even more so an ensuite. The only exceptions I can think of offhand are where people are also using a kitchen for business purposes, or there being someone in the household who is disabled and needs specific provision.
We get a lot of queries on here about refurbs and renovations. I'd say that those who are clearly destined for trouble or are already in it are often those who seem incapable of differentiating financially between 'need' and 'want', whether it is something like a small new kitchen, or a choice between high end fittings and more modest but perfectly serviceable ones in an extravagant extension. So long as you are clear in your own mind about your priorities, and have a list of what absolutely must be done, and what can wait, and have the patience to wait too, you can usually keep budgets under control. Even though we're getting down to more minor jobs on our renovation, we sit down once a month or so and redo our list of priorities of what's left to do for what we are buying in and what we'll be doing ourselves and when. Some things keep getting shoved to the end of the list 😕others come forward if a tradesperson comes available sooner than we thought🙂.
[I warn you, living without a kitchen is far and away worse than living without a bathroom or ensuite if you have both a bathroom and an ensuite and can do them separately. And if you are getting people in to do the kitchen you don't know are reliable, realistic and competent, only the gods know how long that may take. Prepare for months not weeks- with renovations it's always a case of 'hope for the best but prepare for the worst' when it comes to timings.]
In the end, if you want everything done and done quickly, you'd be better off buying a 'made' house. I'd say taking on a renovation definitely costs more at the moment for a similar result, but you can have things done as you want them. Though of course you can contribute your own time and labour to help bring the costs down, even to the point where it's cheaper than the made house, how much that saves is down to how much time and effort you can spare, and how many skills you have or are willing and able to learn.