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Paint prices vary, as does paint quality. However, price is not always a good indicator as to whether a particular paint in the right one, or the best one to use, for a given project.

For example, when painting the exterior of your house, it is well worth the extra price to use long-lasting paints that are formulated, and guaranteed, not to peel or fade. However, if you are painting an interior wall, one which you are likely to be painting again in only a couple of years, a paint of lesser quality will often be just as effective.

• Interior Paints: These are paints that can only be used on indoor projects. They have been specially formulated so that they can be scrubbed, without damaging the paint. They also have deep color saturation in order to hide stains, and to prevent the appearance of new stains.

• Exterior Paints: Exterior paints are formulated to withstand the effects of sunlight and weathering. They are used on the exterior portions of homes, and can be used on other items that spend a great deal of time outdoors. A good exterior paint will maintain its color, for years, without fading. It will contain a biocide to prevent mildew, and it will have a degree of elasticity so that it can expand and contract with your house, without cracking.

• Latex Paints: Modern latex paints are very long lasting, have good color coverage and tend to be cheaper than oil based paint. They are also very easy to clean up – all you need is a damp sponge to clean up spills. Latex paints also have little if any smell. Latex paints dry very quickly, and come in both glossy and matte finishes. They also come in both interior and exterior formulas.

• Oil Paints: While oil based paints can be used indoors, they are best suited for outside jobs because they have a very strong smell that can make many people, especially small children, feel unwell. As well, oil based paints take a long time to dry. For the most part, oil based paints are used in areas in which you want a high degree of stain resistance. Oil based paints require the use of solvents to clean brushes, spills, and your skin - if any paint get on you.

A primer is a product that prepares the surface you are intending to paint by helping hide the previous coat of paint, as well as making a tacky surface for the new coat of paint to adhere to. Using a primer will help your paint job last longer, and will give your job a professional finish.

Whether you use a primer will depend, in part, upon your project and the paint you are using. If you are painting a wall the same color as the previous paint job, you can often skip the primer coat unless the wall is badly stained. However, if you are painting metal or other smooth surface or a surface that is very porous, it is essential that you use a primer. Many of the higher quality paints combine the primer and topcoat into one product so that you do not need to apply two coats to your surface.

The price of paint is not always a guarantee of quality. Just as with clothes and sneakers, you may simply be paying extra for that 'brand' name. However, some high priced paints are well worth their price. In the long run, a high-quality paint will earn its way by producing a finer finished product that will wear better, and longer, than a lower-grade paint.

• Just as price is not always an indicator of the quality of a product, neither is the 'best' always the best. Many people mistakenly assume that exterior paints, because they are formulated to be more durable and fade resistance, are also the best paints to use indoors. This is seldom the case. Using exterior paints on indoor projects can have disastrous effects.

A high-quality paint is one that is thick enough to provide solid coverage in only one or two coats. For latex paints, the highest quality paints are those that are made of 100% acrylic resins. These paints come formulated for both interior and exterior use, and vary very little from company to company. It is however, important to read the label to ensure that you are indeed getting 100% acrylic latex paint.