Lay a drop cloth on the hallway floor area next to the banister you plan to update. Put another drop cloth on the floor below the banister to catch any drips that fall in that direction.
Apply the appropriate paint or finish stripper to your banister. Use a stripping compound that's best for the type of material of which your banister is made. Paint the stripper onto the surface in a thin coat.
Allow the stripper to sit on the banister surface for three to five minutes. The paint should start bubbling up.
Rub fine-grade steel wool over the surface to remove the loosened paint. Wipe the banister surface off with cleaning rags to remove the stripper and paint residue. Repeat Steps 2 through 4 if any paint or stain remains.
Dampen a cleaning rag with water. Wring out the excess. Wipe down your banister to remove any last traces of stripper. Dry the banister with another cleaning rag.
Smooth any minor flaws in a wooden hallway banister by sanding them with fine-grit sandpaper. Move the sandpaper with the grain of the wood. Wipe the dust off afterwards.
Apply the fresh paint or stain to your hallway banister in a thin, even coat. Allow the first coat to air-dry for six to eight hours. Add another coat, if desired, to intensify the color of the paint or stain. Let the last coat dry for 24 hours.
Update the ends of the hallway banister by changing the newel posts to a more ornate or modern-looking version. Purchase your posts unfinished, if possible, so you can paint them to match your banisters or add posts that contrast and complement the updated finish of your banister.