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As someone who did major renos(over 200k) on their house after they bought it you'd be surprised how much everything can add up, especially if you or your partner have expensive taste.
A rough idea of what i spent on the stuff i can remember
19k on appliances
15k on custom cabinetry(kitchen/2 bathrooms)
1k kitchen backsplash
700 mirror and shower glass
5-6k vinyl flooring
2.3k tile
7k lighting
2k faucets/showers
1.5k door handles
1.7k toilets
600 bath tub
2.6k interior glass railing
3k ikea cabinetry
Nearly 60k of items using a designers discount(25% off most stuff), that doesn't include the costs to have them installed. There were also items like doors, furniture, window upgrades, baseboard trim, paint, and closet organizers that probably put it over 75k. I couldn't imagine 275k buying you the rest(excavation, foundation, wood, drywall, insulation, roof, electrical, heating, plumbing, siding, landscaping, permits, labour). I paid slightly over 1m for my house and the final cost was around 1.3m, got exactly what I wanted and didn't need to pay the 2m+ that new houses are going for in my area. Watch lots of reno shows and it might give you a better idea of what you can do. Also remember that it should be faster than building from scratch, so less time paying your mortgage and rent.
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