Experts and BHG readers answer.
Painting the Paneling
If you are going to keep the paneling (though it’s not usually recommend to paint over the paneling) is to fill all the existing nail holes & caulk the seams between the panels (with pintable caulking) Then you should put a bonding agent on the paneling (you can get this at your local paint store. It will prevent the paint from peeling off the shiny smooth paneling). Make sure when you purchase the all color you check with the paint store that it will be compatible with the bonding agent you choose – I’d recommend your local Sherwin Williams or Benjamin Moore dealer.