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We did a mini makeover our 1959 kitchen with old worn cabinets and the classic white formica with gold flecks. It cost us less than $3000 to do this and a little more than half of that cost was for the new countertops, rest was for new sink, cooktop, paint, primer and various supplies.
How we did it: We sanded all cabinet bases, doors and drawers and primered with Zinnser BIN primer (THE BEST!) and 2-3 coats of "piano key" white Valspar semi-gloss brushed on with a good 2.5" brush (don't try spraying it was a disaster!). New GE stainless cooktop and ACE stainless sink, new subway tile backsplash. All hardware stripped down to steel base, and clear-coated with Rustoleum. We will be putting in a new floor either continuing the oak hardwood into the kitchen or putting in slate. The Formica is black slate in the "honed" finish. It looks and feels like slate and has slight white grain running through it. Nearly indestructible and 1/10 the price of granite!!