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For the longest-lasting exterior paint, consider acrylic or enamel (oil-based) paints. Acrylic paints, including acrylic latex and acrylic enamel, are known for withstanding harsh weather and sun exposure. Enamel-based paints are also one of the most durable options available. While latex paint is common, it typically has a shorter lifespan than acrylic or oil-based options. The paint's finish also affects its durability; a higher gloss finish is generally more durable. For resistance to moisture and cracking, matte and satin finishes can be effective, while a high-gloss acrylic or oil-based paint offers a combination of maximum longevity and durability.

Exterior paints contain more volatile organic compounds, or VOCs, making them dangerous when used indoors. Without the free ventilation of the great outdoors, it can take longer for the fumes to dissipate than interior paint. While you may notice the smell lessening more quickly, you should be wary of paint fumes inside for 48 to 72 hours after it dries.

The longevity of paint on wood depends on factors like the quality of the paint, surface preparation, exposure to elements, and maintenance. Exterior paint on wood surfaces can last 5 to 15 years or more with proper care and maintenance. Interior paint tends to have a longer life span, often 10 years or more. Regular cleaning, touch-ups, and addressing any issues like peeling or cracking can extend the life of the paint. 

Yes, it's a good idea to sand the wall with fine-grit sandpaper after spackling, especially if you plan on painting. You can do this by hand or using a sander, but the idea is to ensure the spackle is flush with the wall. Sanding will give your wall a smooth, uniform finish and help your paint and wallpaper stay put.