Does wood paneling in a home increase or decrease the value of the home?

I live/own a home that has "good" wood paneling in the living room. It makes the room darker than I like. I would like to cover/replace this paneling with drywall or something to brighten it up. My parents on the other hand say that the "good" wood paneling increases the value of the home. Is there any proof of this or is it their opinion? Yes, the house was built in the 60's and hasn't had much of any upgrades (grandmothers house that was inherited). Thanks for your response.

Paneling will decrease the value. Some people like it but it is not considered to be updated.

We have wood paneling in our home. I absolutely hated it until we painted it. It actually looks really nice now and I have had so many complements that it actually shocks me. As far as the value of the house, I don't think it raises it. If it is not very pleasant to look at, it may bring the asking price down. We painted it a light tan/taupe color, it was what I call a poo brown.

Wood paneling is outdated and some do just paint it. In fact, you can even fill in the seams but that is lot of work especially if a large area. Paneling if left in its natural state will decrease the home value.

Wood paneling is from the 60s/70s. Does not increase the value these days. BUT, before removing it, paint it a light color first and see if you like it. Then go from there.

yes- it is out of date and if selling your home will deter people from giving top dollar since they figure they will have to spend more money to change it. try giving it a coat of paint first to see how it looks.

It will without a doubt decrease the value of your house