In the end though, it wasn't stressful or hard to do. I highly recommend that you do your research so that you know what to expect. Also, read multiple blogs so that you get the process from multiple perspectives. With all that said, below you will find the products and process that worked the best for my project. I am very satisfied with the outcome, and I will definitely be trying this process again on other thrifted finds!
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I started out with 2 upholstered chairs that I found at a thrift store for $20 (it was a happy day in the Land of Cheapskate when I found those beauties!). After cleaning the chairs thoroughly (yes I am a germaphobe) I sanded down the wood in order to remove the varnish and smooth out some of their "battle scars."
After removing the dust from sanding, I primed the wood surface (any primer will do). I then applied a coat of Krylon ivory paint to the wood portion of the chairs (the same paint that I later mixed with the medium and painted the upholstery with).
Now it was time for the fun part! I mixed the paint and fabric medium at a 2:1 ration. Armed with a spray bottle, I dampened the upholstery first and then applied the premixed paint solution to the fabric with a paint brush. I will forewarn you that initially it will look like crap..... Just be prepared for that "OMG-what-have-I-done" sinking feeling in your stomach.
After the first coat I ditched the spray bottle, and just diluted the solution a bit, this provided better coverage and less of a mess. Once your first coat has completely dried, apply another.... And when that has dried, another...... And another. You want to follow the "paint-then-dry" process until you have completely covered the original upholstery's pattern/color with the paint mixture.
Primed, painted, and ready to roll!
(Purchased from Walmart for $8)
(Purchased from AC Moore for $7)
After the final coat of paint
Final result
Before and After
The chairs feel just like painted canvas, which I am OK with. I am not sure if it would work for a long-term-heavy-traffic chair/sofa, but thus far they are holding up great. There are no issues with the paint transferring to my clothing or anything. Not bad for the first time, eh?!
Welp.... on to the next project!