The main differences between oil-based paints and water-based paints is that oil paints contain mineral turpentine in their solvents while water-based paints contain mainly water in their solvents.
This means that oil-based paints tend to last longer than water-based paints.
For surfaces that you do not want to touch up often, opt for an oil based paint as it lasts a longer time than a water-based one. Meanwhile, water-based paints are best for interior painting jobs because they do not take too long to dry and allow you to apply two coats in one day, with simple clean-up and low odour compared to an oil paint.
As far as waiting time goes, best practices require you to wait at least three hours to recoat water-based colours and 24 hours to recoat oil paint. Also, no need to worry if you make a mistake, you can fix most painting mistakes on walls by sanding the area, cleaning it, priming it and then painting it again.
However, you can not use water-based paint on top of oil paint but you can use oil paint on top of water paint.
Oil paints dry to a hard shell allowing the paint to protect the exterior surface from rust and water damage and water-based paint forms a tough water resistant layer.
While using an oil-based paint, you have to be careful as it can irritate the eyes, nose and throat, so go ahead and wear a mask or a face cover and keep the doors and windows wide open.
Once again, the main difference between an oil-based paint and a water-based paint is durability and longevity, while an oil paint can last up to 15 years, a water-based paint will last up to 10.