Condo market in DC is currently hotter than housing market. Depends on location. But also, given 5 year horizon, you have to be able to enjoy where you live...that's biggest import.

No one can really tell you what the market will be in 5 years. Replacing laminate and vinyl flooring in the kitchen would be maintenance, not improvements. Painting is also maintenance.

A popular budgeting rule of thumb for maintenance expenses is 1% of house value per year, then another 1% in the month or two right before selling for repairing and dealing with all that stuff we ignore for years (cracked glass in windows, missing knobs on linen closets, drawers with busted slides, curtain rods that fall down when you yank too hard). You'll probably need to paint again right before you sell in five years.

Hi Hal, where are you located?

Thanks all for your comments. We are in Milwaukee suburbs.

The condo market in Milwaukee isn't strong. We just sold our Milwaukee condo at a big loss. However, folks who haven't updated, couldn't get any showings at all. I'd make the additional improvements now so you can enjoy them, and while you might not see a "profit" you may be "able to sell" as opposed to being unable to attract any buyers at all.

It might be worth your while to interview a couple of very successful real estate agents in Milwaukee to ask their opinions. Some are willing to spend anhour with people who may sell within a few years because it's a good investment in future customers.