Oudated Wood Panel Wall Solutions??

[Michael Noto]

Just have a question for anyone who has experience with wood paneling walls. The house we got under contract today is a raised ranch with a very nice finished lower level with a finished bath, though it is a bit outdated.

We are going to put vinyl plank flooring in to replace the carpets, but the wood paneling is the rest of the basement. it is a darker wood paneling, it is clean and not in terrible condition and if we had to keep it we could but would rather not. The pic attached is very similar paneling to that which is in the basement.

Anyone have experience with painting over wood panel walls? Do you recommend it? Any other creative solutions people have as far as what to do with the existing wood panel walls?

Thanks as always!