Exterior Paint Colors and Wall Paint Colors

I'm looking to do a repaint on the outside of my house, because it's really starting to look really bad. Problem is, I have kids in the house and I read somewhere that some paints have stuff in them that could be dangerous for them. Add to that the fact that the house I live in right now isn't exactly new, in fact, in the house for sale listing, it was described as "rustic", which I learned the hard way was double talk for "old house". I'm not really saying that it's falling apart, but the walls could use a little sprucing up, although I'm not so sure how much buffing up it can stand. This is why I am now hesitant to apply a new exterior paint color.

Since I'm not made of money, I'm thinking of doing this myself and just use the money intended for a professional to buy the good quality stuff I need to repaint the old house I bought, like wall paint colors that are top-of-the-line. I wonder if this is a good idea? I'm sure there are a lot of people out there who have done this type of thing before themselves, and like me, they aren't people who do this for a living. I'd appreciate some suggestions. Thanks.