Whatcha Cookin' in the Kitchen??

After all that huge rush before Christmas, I haven't felt like doing anything other than housework.....

I was supposed to make a to-do list for us to start the beginning of February,

We've decided on updating the- 

KITCHEN!

I have so many ideas for this space, while trying to keep ourselves on a strict budget.... so it will come in baby steps-

This is how the room looked when we moved in:

I think we all can agree it's pretty outdated!! 

We did make a couple smaller changes to the room shortly after moving in (before the floor in the living room/dining room was started)

• Stainless appliances (minus the hood fan above the range, because that will be part of our bigger kitchen remodel and why do it twice?)
• Island table (handmade by the hubby with free wood)
• Two pendant lights installed above the island table
• Removing the existing faucet, replacing with a new faucet
• Removed the scalloped edge trim piece over the sink
• Removed one of the cabinet doors already (have placed three woven baskets on the shelves)

Now the more cluttered version looks like this:

This will be our 'short version' list for at least a month:

•  Removing the top cabinet doors off of two of the cabinets & painting the backs of the cabinets
•  Painting that fabulous catheter-pee-yellow color on the walls (how did yellow and brown/cream colors go together in the first place??) The color will be the same as the living/dining room
• We have a spot for the ever-popular chalkboard wall....
• Window treatments above the sink and the side window
• Ceiling repaired (from removing the old flourescent light) & painted
  Cover up the wonderful one-of-a-kind cracked linoleum backsplash with beadboard
• Removing the doors under the sink and installing a little curtain
• Removing the tan rubber baseboard and replacing with MDF trim
• Replacing the grill right under the sink (on the faux drawer) it's cracked
• Maybe....Using a kit to 'reface' the countertops (until we can replace with something we really want!)
• Maybe...either painting the existing cabinet handles, or replacing with an antique-oil rubbed bronze look
• Raise those pendant lights to the proper height...
• Install a cute funky industrial light above the kitchen sink (something that won't compete with my pendants above the island)

I wont bug you with the long term goals for now, because they wont happen until at least next year.

Here is some spaces I've seen for my inspiration:

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Did have one question...

Have you, or anyone you've known, painted over existing formica countertops?

Did it last? Look like a million bucks... (cough cough) or did it look like you just painted the countertops????

Thanks in advance for your advice :)