Should I use a water-based latex paint or an oil-based paint?

That depends. Both will do an excellent job under most circumstances. Water-based paints have a number of advantages especially for do-it-yourselfers including ease-of-clean-up and general ease-of-use. In addition, top-quality latex paint generally has excellent adhesion to most surfaces and generally exhibit superior resistance to bleaching and fading when compared to oil-based paints. However, to determine which type of paint you should use for your specific project, consult your local independent paint retailer.