Rangers, the 54-times champions of Scotland, won promotion back to the top flight on Tuesday when they beat Dumbarton 1-0 at Ibrox to clinch the Championship (second tier) title and the one automatic promotion berth.
That ended their four-year exile from the elite, which began after their financial meltdown and liquidation in 2012 when they were demoted to the basement of the Scottish game.
Warburton told Talksport radio on Wednesday that there is a far greater sense of realism at the club now although they were relishing the prospect of next season's competition.
"We are building a young squad and we have achieved the first goal which was getting the club back into the top flight," he said.
"There is a lot of work to be done, we have to be honest.
"We need four or five (new players) to come in and we are going to lose a couple. It's all about the quality of recruitment and if we can get that right we will be OK.
"But it would not be right for us as the management to go to the board with unrealistic targets. The worst thing we can do is just go and spend money poorly, recruit poorly and put the club back two or three pages. We will not do that."
With Rangers back in the top flight, their regular Old Firm matches against Glasgow rivals Celtic will resume, although the two are set to meet in a Scottish Cup semi-final at Hampden Park on April 17.
The two old foes, who have played each other 304 times in league matches since 1891, have met only once since Rangers were demoted, with Celtic winning a League Cup semi-final 2-0 last season.
Warburton is relishing the meeting with Celtic but added: "We must not lose sight of the fact Celtic have had four or five years of Champions League football and have a squad packed with international players. Our job is to recognise where we are and what we have to do to close that gap."
(Reporting by Mike Collett; Editing by Richard Balmforth)
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