Paint the walls. Add a simple backsplash. Some pendant lighting over the counter. You can paint the trim around the cabinets and add some knobs or handles and you are done. There are plenty of cabinets and counter space, it does not need much and depending how handy you are, you may consider changing the counter.

I'd save up until I could afford a bit more. I'd get new cabinets from Ikea, take out that mini wall peninsula thing, run cabinets to the ceiling on the two adjacent walls and then do either and island or a peninsula with bottom cabinets only to open it up

actually, maybe you could keep the peninsula, just remove the uppers and place cabinets on the empty wall to make up for the lost space?

Paint the cabinets a uniform color (a nice, crisp white would look good), do a tiled backsplash, do a different color on the island and walls, maybe a medium brown or gray. New appliances and maybe some of that wood look vinyl on the floors in a darker color that compliments the walls.

$5K challenge
Paint your cabinets and trim all in one color, but NOT white.
Appliance white clashes with most white paints. Your favorite colors may give you direction, or maybe the furniture near the kitchen. Or hang a favorite poster or painting on an empty wall and choose a color from the art for your color. Don't go too bright: your kitchen doesn't need to be the star of your home. Install an new light fixture which gives more light. Add knobs to your cabinetry. Select a nice new faucet. Buy new towels and potholders in your new cabinet color. And add a colorful rug runner for a soft surface to stand on.

Paint the walls, paint the cabinets, replace the countertop, add knobs. Pretty much what everyone else said.

I'd also want a nice small, movable cart at the end and a pretty piece of art or a thin pot rack or other decoration above the cart.

Are you doing the work yourself, or hiring?

I've refinished several laminate furniture items, and it does indeed require a special and comparatively costly primer to adhere to the laminate surface, along with paying special attention to surface prep as per your primer of choice instructions to give the primer a good grip (learned that the hard way on my husbands desk and had to re-do the whole thing when it immediately started peeling). Also be sure to thoroughly examine all your doors and cabinets (especially around the edges) for any lifting or chipped laminate and repair properly before painting them. It is a far bigger pain than re-finishing/painting solid wood or even veneer. All of my projects with laminate where I have taken the time to prep, prime, paint and finish properly have come out beautiful and have held up very well through multiple moves and years of use.

Everything white. Just be sure your white is the right white..B.M. super white matches perfectly with my white appliances.

While bright colors may be tempting, all white creates a clean and seamless look across the cabinets.

Add a colorful back splash. Paint one of the cupboards in chalkboard paint so you can update your grocery list or write an inspirational message. Put a giant frame on the wall to make it look like a giant picture frame & then place your pots & pans inside the "frame" on the wall. You could get something to attach the pans from the Container Store or a hardware store. Place baskets on top of the cupboards for character and storage.

As far as your counter top, you can save a little by tiling in a large formatted tiles ie 18x18 or larger. Look for squared edges and rectified. With a rectified tile you can but the tiles side by side to eliminate grout joints (not recommended for floor installs). Tiles, prep materials and cement board shouldn't cost more than $600 if you buy smart.

I think laminate countertops from IKEA would be a better choice than tile.