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How To Deal With Lead Based Paint In Older Home

We are in the process of purchasing an older home (circa 1950's) that has been neglected to a great degree over the past years, and needs a fair amount of renovation. One area of concern is the interior paint throughout the home on the plaster walls and ceiling which in many areas is peeling. As we have two small children, one a toddler, I wasn’t to "make it right" with respect to assuring the utmost in safety for our little ones. What is the best way to correct this sort of situation? We are planning to do a fair amount of renovation in this home including the removal of a number of existing partitions, which for those areas will take care of the problem. Would it be recommended to just take out all of the existing plaster and start over with new drywall in order to correct this condition, or is there an alternative to will result in a safe environment for our children? I look forward to your collective words of wisdom on this topic.

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