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You can paint over plaster, but repair any damage to the plaster first, or the paint will crack and bubble. You should also prepare the surface of the plaster to accept paint, which gives your paint job the best chance of looking good and lasting a long time. Before applying the color you want, apply a coat or two of primer. Additionally, use latex paint, and choose a latex paint with a satin finish for areas with dampness, like bathrooms.

Costs depend on damage extent of damage, labor, finishing, and whether mold remediation is needed.

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.

Whether Venetian plaster increases your home's value often depends on the buyer's preference. As a purely aesthetic upgrade, it doesn't add structural value in the same way a kitchen or bathroom remodel might. However, its beautiful and attractive appearance can make a home more appealing to potential buyers, possibly leading to more interest, higher offers, and increased competition when you sell.