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Moisture and rot are the largest threat to wooden fences. Stain can help your wood fence last 15 to 20 years, but only if you choose a stain with waterproofing qualities or add a sealant. Oil-based stains create a thicker moisture barrier than water-based stains, though both are mold and mildew resistant. You’ll generally need to re-stain your fence every one to eight years to get full protection.

You can use latex or acrylic paint outdoors. Although acrylic paint tends to last longer outside, it also costs more, so if you’re painting the outside of your house, for instance, latex paint is often a go-to option. However, acrylic will be your best choice if you want to spend some extra money for added durability.

Adding a second coat of stain to wood can even out the color to some extent, but it won't drastically alter the hue if the initial application is too light or too dark. It's more effective at enhancing the richness of the color rather than significantly changing it. Ensure the first coat is dry before applying the second.

Wood stain does go bad, but it will last in the can for between three and six years, provided you use proper storage techniques. Storing wood stain in open containers or in extremely low or high temperatures will cause your wood stain to become unusable much more quickly. Water- and latex-based wood stains typically last for just two to four years, while oil-based wood stains can last for three to six years.