Water based plants have a number of advantages over oil based paints that make it a better choice when deciding what to use on your home. Water-based paint often has little to no paint smell. It dries faster than oil-based paint. It is less likely to reveal roller overlap marks or brush strokes on your finish coat as easily as oil based paints do. Also, clean up after the job is generally easier, just soap and water is all you need.
If the surface you are repainting was originally done with an oil-based paint then it may be a good idea to repaint with the same type of paint. Oil based paint is not as flexible as latex or acrylic paint, therefore it tends not to weather very well during the expanding and contracting painted surfaces encounter throughout the season changes. This may result in the pulling away of under layers of paint that did not adhere to the surface well.
It is preferable to paint over an oil based painted surface with a water based paint as opposed to the opposite action, in most cases. The one exception to this is when there was originally a water based painted surface that was covered with oil based paint. In this situation, if you cover the oil based paint with water based latex, the water in the latex will soften the substances within the oil base paint which will result in peeling. If you are not sure what type of base paint was used, paint a small area of the wall with latex based paint. If no peeling occurs within a few hours, it is usually okay to finish the job with the latex paint.
Latex exterior paints are preferred over alkyd resin paint for surfaces that have never been painted because they enable the surface to breathe. Their flexibility allows them to adhere better to the surface and endure expanding and contracting without cracking and peeling. It is also washable, wears longer, and holds its color for a longer period of time. In addition for appearance purposes, a good paint job also adds value to your home. Talk to area painters and paint suppliers when deciding on what paint is best for your area. Make the right choice. The decision you make will have a lasting affect.
Resource: Increase Its Worth - Jonathan Erickson