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I had this very same problem in my 50 year old rent house that had no insulation at all. The guys doing the insulation cut the holes. I don't know how many holes I had, but it was more than 90! However these holes were 2" holes, so what I did might not work as well. I found some mesh tape that was sticky on one side designed for drywall repair. This stuff is 2" wide and comes in a big roll and costs about 5-6 dollars. One roll was all I needed. I tore off about a 6 - 10 inch piece and stuck the cutout to that. Then I added some mud to the edge of the plug and inserted the plug in the hole and pressed the tape to the wall. I then applied more mud over the tape and hole. I let that dry over night and then gave it a second coat of mud. After that dried I sanded it smooth. It took me a couple of evenings work, but after painting I am really hard pressed to find where the holes were. This is simple and CHEAP! Since the holes are up close to the ceiling strength is not much of an issue. This has lasted 2 years and there are no cracks around the holes.
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I used a hole saw when I had mine done. The contractor put a wooden plug in the hole when he was done. The plug was set just below the surface so I could mud over it and get a finished surface. I talked to him first to be sure the hole sizes were correct. Dick B.
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Ding, ding...I think we have a winner with Dick's contractor! That, I have to say, is mighty fine of him to do for you! Was it part of his general cost to include such a time-saver for you, Dick?
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Chris, It was included in the bid but not as a separate item so I don't kno the specific cost. The "bungs" were tapered so they went in easy yet made a firm plug. Idid the wall finishing. Had no problems. Dick B.