Painting your house is one of the best ways to add value to your home. This is true even if you are putting on the same color as before. Keep in mind, using paint of a good quality can make a surface more abrasion-resistant, easier to clean and capable of washing without the risk of removing the paint.
If you are working indoors, you must attend to the holes in walls and ceilings before slapping on a coat of paint. These areas should be repaired with a vinyl spackling compound and they will usually require more than one coat due to shrinkage. If you have larger damaged areas to repair then you will most likely need to use wallboard or plaster patch. You can make wallboard repairs with Fiberglas joint tape and drywall joint compound. Plaster repairs can be successfully made with plaster patching product. If you need to blend in a textured finish after you make a repair, try using a spray texture in an aerosol can.
For exterior finishes, you will probably be working with old flaking paint on the siding, trim, gutters and downspouts. This needs to be removed before you put a fresh coat of paint on. The most effective approach would be to begin with a power washing with water to remove the majority of the damage and then use a paint scraper to remove the remaining flaking, chipped or blistered paint. Once that is done, mix together a solution of 50/50 bleach and water to remove mold and mildew.