I have 3 pictures of the livingroom wall that show the progress of our restoration of the wall the first is when we had our second walk-through at purchase.
The second is after we took the paneling off.
The third is after we finished repairing the plaster and have the fireplace finished.
This is an older house so the walls are all lath and plaster rather than “gyprock” drywall wallboard that would be in new construction. Plaster is cement based somewhat like the stucco you have on exterior walls. The problem with this is that if you put a nail in the wall through the plaster it will often chip and crack and you end up with a piece falling out so you have to be carefull. When repairing it is a more complex process than with drywall. We are very happy with the result. The next step in this room will be painting. Before that happens we will refinish a couple of other rooms. The work is ongoing.