Exterior paint for old dry wood siding 1970 house?
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Definitely power wash to remove peeling paint, mold and chalking. Prime any bare wood areas. You can use oil based paints, but latex is much easier to work with. Oil doesn't really preserve better. What you need is UV protection and moisture protection (think rot) so a high quality latex exterior would be my first choice.
Here are more tips for you. Do not paint when too cold. Do not paint when too hot. Do not paint when windy or raining. Use the best paint you can afford within your budget. I prefer a stand alone paint store rather than home improvement store paint.
https://www.thisoldhouse.com/how-to/putting-fresh-coat-paint-your-exterior
http://homeguides.sfgate.com/repaint-exterior-wood-siding-house-8703.html
https://www.hometips.com/diy-how-to/prepare-wood-siding-for-painting.html
https://www.thespruce.com/easiest-fastest-way-to-paint-a-house-1821069
A house built in 1970 is not old, at least not yet! 😉 Not even vintage, but close!
A good tip is to use a special stain-blocking primer before painting