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Yes, you can use drywall repair techniques for some types of plaster damage. Tiny holes and small cracks in plaster can be patched in similar ways to drywall. You apply the necessary compound to fill the hole, wait for it to dry, then sand it down. For larger damage, like water damage or mold, you need to use plaster-specific techniques and materials.

Once dried, Venetian plaster becomes a rock-like substance that’s durable and excellent at resisting damage. If properly sealed to resist moisture and maintained, Venetian plaster should last for at least a decade but potentially as long as a lifetime. Thanks to its mineral content, it can also develop a patina.

Plastering comes at a higher cost than installing drywall, but it also provides some pretty enticing benefits. First, plaster usually lasts longer than drywall, so long-term costs will usually be lower. Second, plaster is a highly insulative material, so it might help make your living area feel more comfortable and keep your heating and cooling costs lower, especially in the summer and winter. Finally, plastering is naturally textured, so it helps hide imperfections and often adds warmth to your home that drywall won’t.

Applying plaster to a wall will usually cost between $2 and $10 per square foot for both the material and labor. The cost will vary based on the quality of the plaster you’re using and whether or not prep work is required before the work begins. Wall prep can add up to about 10% to your total costs. Plastering exterior walls can be more expensive in many cases because they are taller and require scaffolding and safety equipment.