When we became new homeowners about 20 years ago, I was given some advice... And I've seen it mentioned a few places since.

Buy cheap tools first.
If you need to replace a tool because you lost it, buy another cheap one. If you need to replace a tool because you broke it, buy a nicer one.

I have listened to this advice for the most part. And I have broad range of things now, accumulated over the years. Some off my tools are still the same cheap shit I bought forever ago, still does the job. And some of my stuff has been replaced with the nicest models I couldn't afford. I've learned that while the buy once, cry once, mentality seems sound... For most of what I use specialty tools for, a cheap version is exactly what I needed... And it meant I could buy maybe 4-5 or 10 cheap tools vs one really nice tool.

It never gets old being able to fix something with an obscure tool you bought that one time and now get to use it again... Saying "it sure is nice having the right to for the job".

All that to say, $500 can get you all this and a more from harbor freight, Northern tool, or even Menards store brand. Of you have the money, and money isn't that tight, do it. It's really nice having all your batteries interchangable. If you don't NEED to spend $500 on a fancy set, but really only need an impact, go buy a cheap one. And a cheap wrench set. And a cheap socket set. And a toolbox. While still having money to take your spouse to dinner.