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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.

Whether to repair or replace water-damaged plaster depends on the scale of the damage. For small, limited areas, you can often perform a repair yourself. If you choose to paint over small patches, ensure the surface is completely dry and apply a coat of antifungal primer first to prevent mold growth. However, simply painting or plastering over the damage is only a temporary solution that doesn't address the core problem. For more extensive or long-term damage, the plaster may be compromised, and there is a risk of mold. In these cases, it is recommended to remove the damaged section of plasterboard and replace it. You may consider hiring a professional for the repair, and it's worth noting that water damage is often covered by home insurance.

While you can put new drywall over old drywall, it’s not always the best option. In some cases, drywalling over drywall can make it harder to find wires and pipes behind your walls and conceal more serious problems with your walls. It can also make the room smaller. On the plus side, putting drywall over drywall can improve soundproofing and insulation. Plus, it’s often less expensive than tearing down and adding new drywall.

Plaster itself has a higher R-value than drywall. However, there are other considerations surrounding plaster and insulation. As a general rule, it's easier to obtain consistency in insulating value and quality when working with drywall rather than plaster. Plaster walls often don't contain any insulation behind the wall covering by design, and careful evaluation is necessary when choosing to add it.