Wood Paneling...

[Bob McIntosh]

So I made an offer on a property yesterday that has wood paneling EVERYWHERE.

I have heard a number of ideas on what to do about this and would like your opinion.

In order from cheapest to most expensive:
1. Just paint over it as is (its in decent condition and is solid enough)
2. Spackle over the "grooves" then paint over it
3. Throw up some dry wall right over the paneling
4. Rip out the paneling and put up dry wall.

Give me some pros and cons to each of these, or if there is something else i missed?

Thanks!