Repairing a small nail hole requires only drywall compound, sandpaper and a disposable putty knife. As of April 2011, a small container of drywall compound typically costs between $3 to $6. Small packages of sandpaper and disposable putty knives are less than $2 apiece.
For the novice handyman, drywall patch kits often produce the most professional-looking results. Patch kits are available in a wide variety of styles, requiring different installation methods. Kits typically include only fabric or metal mesh panels. Other supplies such as drywall compound and a putty knife, are purchased separately. Kits to repair small holes with a self-adhesive mesh patch can be bought for under $5. Kits for larger holes may cost up to $20.
Large holes often require replacement of a section of the drywall. For this project you need a sheet or partial sheet of drywall, drywall screws, joint tape, drywall compound, a putty knife and sandpaper. A full sheet of drywall typically costs under $7. A small package of drywall screws and a roll of joint tape cost less than $3 each.
For a visibly seamless repair, you will need to paint the patched area. Leftover paint from previously painting the wall is the best choice for touch-ups. If you do not have leftover paint or a record of the color formula, get free color cards, also called chips, from your local paint supply or home improvement store to match the color of the wall.
With the exception of sheets of drywall, drywall repair supplies are typically available wherever painting supplies are sold. If you plan to purchase supplies from a large home improvement or discount store, you can find usually prices online before you shop.