Also called water-based paint, latex paint does not actually contain latex, though most contain an acrylic binder that has the same properties as latex. This paint comes in several varieties, all of which can be cleaned from painting tools using soap and water. Acrylic latex creates a non-yellowing, durable, flat finish. Acrylic latex enamel or acrylic enamel, used mainly to paint doors, trim and baseboards, is long lasting, resistant to yellowing and dries to a glossy or semi-gloss finish. Acrylic latex wall paint has the same traits as acrylic latex but provides a glossier shine.
This paint type has a linseed oil or Alkyd base, the latter being a synthetic oil similar to linseed. Also commonly called enamels based on their long-lasting, shiny finish, they are frequently used to paint trims and doors. Oil-based paints tend to yellow over time and you need to use mineral spirits to thin the paint and clean the painting tools.
Latex paint has a mild odor based on its lack of hydrocarbons and can be used in enclosed spaces with no ill health effects. Oil-based paints contain solvents with hydrocarbon bases that have nasty smells that often cause nausea or headaches, so rooms must be well ventilated during painting. If quick drying times are a concern, choose latex paint, which dries in a matter of hours. Paints with oil bases can take days to completely dry, especially in humid climates.
Oil-based paints covers stains and penetrate unfinished surfaces better than acrylics. However, they also fade faster over time. While oil-based paints can be applied over acrylics, the opposite is not true, as the water-base of acrylic paints cannot adhere to old oil-based paint and will bubble and peel upon drying. To successfully paint over oil-based paint with acrylics, it is necessary to first coat the surface with a primer.
Since latex paint needs no mineral spirit additives to thin it, it is typically the most cost-effective paint option. Brushes and rollers used with latex paint can be washed and reused, which is typically not the case with tools used for oil-based paint jobs.