Hi Home Lady
The answer might depend on where the knotty pine is......what room?
In a finished basement, I'd leave it alone..........in a main level family room, if you have the buget to use sheetrock, you can't go wrong with that, but painting is an inexpensive alternative, and for a den it might be fine to give it an updated look. If it's in a bedroom, I'd go with the sheetrock for sure.
Other things to consider are ...just how updated is the house in general? if it needs total renovation...you might be better off leaving things as they are, and pricing it accordingly.
Hope this helps!
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