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In many cases, installing new drywall will boost your home value. Replacing old, damaged, cracked, or wavy drywall is a great way to improve the look and feel of your home, as new drywall installed by a professional shouldn’t have any imperfections. Additionally, removing old drywall means you’ll have open walls, so you can install new insulation and address exposed issues with plumbing and electrical systems running behind the walls. All of these fixes will also add to your home’s value.

Yes, you can install drywall over plaster, but there are important factors to consider. While it can create a smooth, flat surface, it is often not the best approach. Installing drywall over plaster will increase the wall's thickness, which can cause issues with existing window and door frames that may no longer fit. You might also need to adjust power outlets to keep them accessible. A better, though more expensive, option is to remove the old plaster and lath entirely before installing new drywall. Drywalling directly over plaster seals in the old material, and if any problems arise later, you will need to remove both layers down to the structural beams for repairs. Given the potential complications, this job is best handled by professionals.

While certain types of textured walls can seem dated (looking at you, popcorn), textured walls are a common sight in both older and more modern homes. The main reason textured walls may be here to stay is that they are an excellent way to hide minor imperfections on a wall and give it a finished appearance. Some homeowners think a coat of paint on drywall is a bit industrial-looking. However, that look works perfectly in modern home design. 

If you already have plaster walls and ceilings, adding new plaster costs $2 to $10 per square foot. For an average-sized room, that would come out to $1,200 to $10,000. However, the cost to replace plaster with drywall is higher—running between $720 and $1,250 for a 10-by-8-foot wall or ceiling (not including drywall finishing).