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Plaster walls typically last between 30 and 70 years, but depending on the quality of the materials and the moisture levels in the building, they can last for over 100 years. With expert application and consistent maintenance, plaster can even last for centuries. To extend its lifespan, it is important to have the plaster professionally installed, address any water damage promptly, and repair small cracks as they appear. Regular inspections by a professional can help identify and address concerning cracks before they become significant issues.

You can usually tell if you have plaster or drywall by touch (plaster is harder, colder, and smoother than drywall) or by tapping on it (drywall sounds hollow, plaster does not). If you still cannot tell, peek under an outlet cover and check the cut edges. The rough edges show the composition of the wall. You will see either drywall (two paper sheets sandwiching gypsum material) or only plaster material (no paper sheets).

When choosing materials for finishing basement walls, consider factors such as moisture resistance, durability, and fire resistance. Opt for materials specifically designed for basement environments, like moisture-resistant drywall or cement board. Insulation with vapor barriers can help regulate temperature and prevent condensation. Consider using mold-resistant paints or coatings. 

Research and consult with experts to select materials that are suitable for your specific basement conditions and intended use. Prioritize quality and compatibility to achieve long-lasting and aesthetically pleasing results.

Costs range from $500 to $5,000, depending on damage size, labor, and finishing requirements.