Staining is definitely the way to go. It is much easier for you to do. I recommend a solid colored acrylic siding and trim stain. This type of exterior stain is easy to work with and covers like paint.
The procedures for restaining are very simple.
1) Power wash to remove the dust and some of the old stain. Don't worry that some remains. Also, washing will open up the woods pores allowing for better penetration of the stain. Allow the wood to dry for 24 hours before proceeding.
2) Choose a color of stain that is similar to the existing stain. This will help with coverage, allowing you to apply one heavy coat and have a good looking result.
3) The stain is applied just like a paint. You should plan on brushing and rolling the stain on. Work your home in sections, cutting in next to the brick and behind the fascia board first. Now roll out the stain on that section. Finish the soffits first, then move to the gables and finally the fascia boards. The two side gables can be combined with their soffits for more convenience.
Be careful brushing next to your brick. Although this is a thick stain, it is still a stain and can spatter easily or run.