Patching and Plastering - Applying textured paint

We bought a home that was built in 1975 recently that needs a great deal of work. We bought it at a great price because of the recession and were able to pay cash (NO mortgage payments!). The people who owned the home previously decorated it in the 70's and hasn't been updated since. It has a lot of mirrors and real wood paneling on the walls. I'm working on removing the mirrors and I plan to apply textured paint over the damaged walls. I'm looking at the Smooth Texture paint from Lowe's. I also plan to apply it over some of the paneling. Anyone have some tips? I've considered having it tinted in one of the available colors and then using a glaze faux finish on top, or applying it white and painting over it with regular paint.

Congratulations on not having a mortgage!! :thumbup:

I've not used much texture paint although I have done a bit of texturing - mostly using thin joint compound. Some folks think that texture will hide a multitude of sins - it won't! While texture is good at hiding minor defects a bad spot in the wall will still be apparent after texture...... but maybe you already know that;)

I don't know how well texture paint works on paneling but I would definetly not recomend the use of joint compound to texture over paneling.

I have a tip. Don't paint paneling. It looks terrible. It's a maintenance free surface. Leave it that way.

The paneling I'm planning to try to use the textured stuff over has already been painted, and, yes, it looks awful. Since it's already been painted I am going to try to use this thick plastery stuff over it to make it look better.

I think you're wasting your time painting it again. You're following someone else's mistake. I'd remove it.