If a company owns a building and has the building re-painted is this an increase in the building asset or an expense to maintenance and repair ?

The point is whether it increase the earning ability of the building, if yes then add it to asset.

Items like paint and carpet etc don't typically increase the property value as opposed to hardwoods, tile, or above standard accessories, from an appraisal standpoint. It certainly adds curb appeal when selling. I would drop that into building maintenance or repair.