I don't know if there's a hard and fast answer to this, but here it goes:
we live in a 1920's Art & Crafts home with gumwood trim. The dining room has wainscotting as well. We are thinking of moving in the next couple of years and are wondering if we paint out the wood trim/wainscotting if it will affect the resale of the house. My husband thinks the house will lose its original charm and therefore resale value may be compromised. I think it will update the house and increase or maintain its value.