a closer view

Definitely wait out the year, combine your budgets and do it all at the same time. Your flooring will determine the rest of your changes.

Spend a few hundred dollars on some cute indoor outdoor runners to distract from the floor and save the rest of the $ for a new floor. The cabinets and granite are nice. The backsplash is a miss but it's not terrible and liveable until you do a full reno.

I wouldn't do much. change the knobs out to black and new black pendant lights. You need to do the floors, save most of the $5k for that!

Like your cabinets. Definitely would not paint them ... except, perhaps ... you could paint your island base your favorite bold color -- or at least the wall behind it -- and add a bar rail .. unless, of course, you're planning to replace the bar stools with a pair that have a foot rest built in. You could also paint the curb above the overhead cabinets a lighter shade of the color you choose for your island.

You could focus primarily on the island for now and, as a part of that, be on the lookout for the "perfect" bar stools -- something you could sit in comfortably for an extended time. Do sit in them before buying them.

Unless you want to keep your countertop and already know what back splash you want, it would be a good idea to wait until flooring, countertop and backsplash could be changed at the same time so you can coordinate colors. How you like your color choice for the island/wall can help inform you as you look for new flooring, countertop and backsplash while saving for them.

Not doing that work now doesn't mean you cannot enjoy looking at your options while you save for the major redo. Consider it an adventure and enjoy your search.

Note: for myself, I rather like your backsplash as is ... just not with that floor ... and I am definitely not a fan of the countertop. I'd change the countertop to a solid colored one -- the same primary color in the backsplash -- keep the backsplash, paint the wall behind the island base and the curb over the cabinets -- then save for new flooring.

Initial reaction is flooring. Can you save up, wait a bit, and do it first? Porcelanosa has a huge sale in the fall, around October or November. We got great pricing on our new kitchen floor ordering Porcelanosa from ProSource. It took about 2 months to ship from Italy so arrived in January. Gorgeous cabinetry, by the way.

Is it an open floor plan with the paint color running through the entire space? The light gray isn't bad but it isn't doing the cabinets or the floors any favors.

The cabinets are fine; the floor has to go at some time. The problem to me is that it looks very blah: monotony unrelieved by color. My suggestion is to get yourself a couple of small pretty, used Persian carpets on eBay for a few hundred dollars and save the bulk of your $5K until you have enough to re-do the floor. I've got a couple of Persian wool rugs in my kitchen and they resist having stuff spilled on them very well, and can be cleaned every few years, if needed. So far, mine haven't needed a cleaning despite the stuff that falls or gets spilled on them.

What's the floor made of? Vinyl?

What do YOU want to make it look better? You're the one living with it, what don't you like?

Of course the floor needs to go. So save the 5K and roll it over into more savings when you can do the entire floor at once.

do you like the cab color?

do you like the granite?

what about the splash?

I don't care for the gray paint color on the walls. It's too cool w/the warmer cabs and flooring color. You may want to start there.

I'd also redo the island to make it longer. Seems a little short for the amount of space you have there (unless it's the photo angle)

I'd also change the hardware. your cabs are too large for those little knobs. you need some handles to help balance out the height.

the little stools you have don't match the style. those belong in a little farmhouse, while your kitchen is more traditional/transitional.

and personally, I don't care for the backsplash, and especially the accent over the stove. To me, those two designs don't even match.

So, you need to answer all of the questions and come up with a kitchen that you want. your's has good bones. If it was mine I'd paint, and replace everything. (floor, stone, tile). But that's me.

you could redo the area around the stove hood (not like this per se, but some of these other pics show diff ideas)

btw, the stools go w/this kitchen better than yours! notice the island size. a lot of these have cabs that go to the ceiling, ignore that

i like the idea of doing some glass in a few of the doors and opening up the stove hood area

I would leave cabinets but working on floor.

For later consideration, a nice range hood would really help update the space. Are you able to run a vent to the roof from above the cooktop?

If I were advising a homeowner for a quick sale I would have them replace countertop on island only with a white quartz 2 inch eased edge.