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Smaller is better when patching holes with spackle. Any holes wider than four to six inches in diameter tend to be too wide to repair with spackle alone. You'll likely want to patch bigger holes with a drywall panel. 

Even holes measuring up to 6 inches may be challenging to fill with spackle alone. For best results, purchase a wall repair patch made from wire mesh. Cut the patch to fit over the hole, then use the spackle to hold it in place. Apply the spackle over the patch as you would for a smaller hole.

Plaster repair costs range from $4 to $10 per square foot for refinishing, while skim coating can be less expensive, usually between $2 and $5 per square foot. The price you pay for plaster repairs will depend on the extent of the damage, the type of plaster you have on your walls, and the accessibility of the damage. Plaster repair on the exterior of your home tends to be more expensive, as there’s a higher chance that ladders or scaffolding will be necessary to carry out the repair.

Both plaster and drywall are durable wall finishes, but they differ significantly in installation, cost, performance, and aesthetics.

Installation & Cost: Drywall installation is faster and more affordable, typically costing $1.50 to $3 per square foot. It uses premade sheets, making it a more accessible DIY project. Plastering is a labor-intensive craft that requires specialized skills, pushing costs to $2 to $10 per square foot. It involves applying a wet paste over a lath framework.

Durability & Performance: Plaster is generally more durable, longer-lasting, and provides superior soundproofing. It is also a better insulator, which can help reduce energy costs. Drywall is easier to remove for future renovations.

Aesthetics: Drywall provides a smooth, uniform surface ready for paint or texture. Plaster offers a high-end, naturally textured look that can hide imperfections and is often preferred for achieving a classic or historic aesthetic.

Which is better? The choice depends on your priorities. Drywall is ideal for those prioritizing a lower upfront cost, faster installation, and DIY potential. Plaster is the better option for a higher-end project where durability, soundproofing, and a unique, premium finish are more important than the initial cost.

You can technically just paint over hairline cracks in plaster since these cracks are often harmless, but this will mostly be a waste of paint. Paint will only hide the hairline crack for a few months before it shows up again. The best solution is to repair the crack with flexible filler or joint compound before repainting.