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How to choose colors for exterior painting
The easiest way to choose a color for your house is to go to a paint store where you can get an idea of what you want.

Elastomeric paint
Elastomeric coating can be oil or water based. It is formulated mostly to cover surface cracks and be a sealant against moisture. For elastomeric coating used in residential painting, most often surfaces covered are concrete, brick or stucco. Elastomeric paints are usually used in coastal communities where waterproofing is desirable, or areas where it rains a lot during the year. Elastomeric paints usually do not chalk, which  makes them very long lasting. Being long lasting paints, holding the moisture out and hiding the cracks, those are the advantages of the elastomeric paints.

However, there are some disadvantages
A gallon of elastomeric paint will cover about 80sf per gallon, when most of the paints used for exterior painting will usually give you 200-300 sf per gallon. In addition to covering very small area per gallon, elastomeric paint is  expensive. Elastomeric paint requires very good surface preparation and high pressure gas sprayer (most electric sprayers won't do the job). If moisture gets behind elastomeric paint it may become trapped with nowhere to go, blow up like a balloon and the paint will come off. If moisture gets behind regular paint, it usually cracks and this crack. The cost of painting the house with elastomeric paint will be a few times higher, comparing to best premium water based 100% acrylic paints.

Types of paint used

Flat paint covers all imperfections but most of the flat paints are non washable. The dirt will not come off the wall and you will need to touch up or repaint the area if it gets dirty. There are washable flat paints, but they are more expensive. Flat paints are usually used on the ceilings.
Low sheen doesn't hide the imperfections that well, but it is washable. Most of the interior walls are painted with low sheen. The higher the shine the easier it is for cleaning. Flat and low sheen paints are very easy to work with as you can apply this paint in any direction without leaving any brush or roller marks.
Eggshell, semi-gloss and gloss are harder to apply, as you always need to keep a “wet edge” in order not to leave any brush marks.Those are more expensive paints as well. They are mostly used to paint kitchens, bathrooms, trim,doors and baseboards.

Exterior paint
Acri-hues
For exterior house painting the choice of paint would depend on the type of the house the home owner has and results that are expected from the paint job.  Some of the popular paints are Acri-hues and Acri-flat. They are expected to last about eight to ten years on the exterior of the house. Some contractors get a better discount on Acri-hues and that is why it is most commonly used. The best time frame to repaint a house is every eight to ten years and those two paints provide a perfect solution. Acri-hues or Acri-flat would work well for most of the houses.

Evershield
If it is a very large or luxury house or both, where a lot of labor will be required, it would make sense to use the most expensive paint available. Evershield is the top of the line paint and is sold in Dunn Edwards stores. It is supposed to last about fifteen years. Even if it lasts just a few more years than less expensive paints it will help to offset the cost of labor.

Versaflat

Versaflat is a commercial grade paint that is suitable for exterior, but it will not last as long as paints that are 100% acrylic. If a home owner has an average size house, is on a very tight budget, and the paint job has to be done immediately, Versaflat can be a good solution. A good example of someone who would benefit from using this paint is a home owner who was not planning for a paint job for the next few years, but got a letter from a home owner's association (HOA) requiring him to repaint a house within 30 days or face a fine.

Enduracoat
Enduracoat is a medium priced exterior paint that is very thick. Some painting contractors abuse that paint by watering it down. If this paint is used in it's full strength and not watered down it may work well for some houses. It is just a step below from paints that are 100% acrylic.

Exterior primers

EZ-Prime
EZ-Prime is a premium wood primer. It is best suited for unprimed wood.

Eff-stop
Eff-stop is a premium primer formulated for unprimed masonry surfaces.

Ultra-grip
If the wood or masonry has been painted before and paint was scraped after pealing off, it is best to use premium general purpose primer such as Ultra-grip. It works well for most of the surfaces including metal, which makes it ideal for priming garage doors.

Interior Paint

Versaflat
Versaflat is the paint that works for interior as well as exterior. For interior walls premium paints do not have to be used, as paint is not exposed to weather elements and there is not much that can happen to it Versaflat paint will work very well for most of the interior walls. It is not washable and will have to be touched up if if gets dirty. If washability is desired there is an option of using either satin finish (most walls in homes are painted with satin finish) or premium flat paint. Versasatin would be an inexpensive washable satin finish. A good choice for flat washable paint would be Suprema Flat . An Ultra Scrub is also flat washable paint but it is not as easy to clean as Suprema.

Versaglo
Versaglo is a semi-gloss paint that works well for the walls in the areas where protection against moisture or high traffic is desired such as: kitchen, bathroom, laundry rooms.

Spartaglo
Spartaglo is a quality semi-gloss paint that is good for painting doors, baseboards and trim. It is slightly more expensive than the Versaglo but it covers better and fewer coats will be needed.