Cracks and holes in stucco can result from several causes, including poorly applied or poor-quality stucco. Settling can also cause cracks if there isn't good reinforcement where walls meet or other building elements intrude.
The keys to a successful repair job are giving the stucco enough time to cure and carefully matching the color and texture of the existing wall.
To match the color, add pigment to the topcoat of the stucco or repaint that part of the wall once the stucco has dried completely. You may need to add sand or small pebbles to the stucco to match it. Create texture with a trowel, float, or brush.
Stucco is porous, and moisture passes directly through. In warmer and drier climates, painting doesn't affect this process as much as it does in colder climates. Check what local contractors advise before you paint your stucco wall. If paint is an option, choose a 100% acrylic latex paint specially formulated for stucco surfaces.
Though you're better off leaving major stucco repairs to a mason or stucco specialist, you should be able to handle fixing minor holes or cracks. Repairing a hole in stucco calls for cleaning out the area and apply a new patch of stucco mixture.
Here's how:
1) Use a cold chisel and ball peen hammer to clear loose stucco from the damaged area, and blow out the dust.

2) To provide a backing for the stucco patch to grip, staple new wire mesh over any damaged mesh.
3) Spray the damaged area with water.
4) Mix up some stucco patch and partially fill the hole with the stucco patching compound according to the label directions. Don't fill the hole completely--you will need to apply two more layers after the first one has cured. Allow it to cure for a couple of days, then apply the next layer. Repeat for the final layer. Keep the surface damp for 4 days.
To give a stucco wall a fresh, new look, clean it with a garden hose and sprayer filled with a very dilute solution of TSP. Be sure to thoroughly rinse off the mixture.
* To patch small holes (less than 6 inches wide), you don't need to layer stucco as if you were applying new stucco to the house. You can simply pack the hole with stucco patching compound.
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