Latex Paints

• Latex paint is water-based and can be used on drywall or plaster.
  
  

Advantages of Latex Paint

• Glidden.com reports that latex paints don't smell as strong as oil-based paints, and clean up easily with soap and water. Latex paints also dry faster than oil-based paints, and are non-flammable and non-toxic (see Resources).
  
  

Disadvantages of Latex Paint

• One coat of latex paint may not be enough, and its finish may look dull.
  
  

Oil Paint

• According to glidden.com, most oil paints contain alkyd, which causes the oil paint to dry harder than latex paint, resulting in a more durable finish (see Resources).
  
  

Advantages of Oil Paint

• Oil-based paint is popular because it provides a smooth, long-lasting finish that hides surface flaws. Because it has more pigment concentration, it usually requires only one coat.
  
  

Disadvantages of Oil Paint

• Oil paint is harder to clean up than latex paint, requiring the use of paint thinner. It also takes longer to dry.