Fix that hole!
A burst water pipe in the ceiling ran for some time before we knew we had flooding going on. Seems the contractor had put a sky lite in the roof that he didn't continue into the house! Over the years of the rays hitting the plastic water pipe, it degenerated enough that it finally burst. We fixed the water leak right away, but put off fixing the hole until winter and we watched the heat and dollars disapear. This was an easy project. Just cut to clean the edges, remove the old nails, measure and cut new drywall piece inserts, screw in place, tape, spackle, texture to match and then paint. Possibly the hardest thing was getting all the angles and lengths correct. Measure three times and cut once with these angles!! Also, if you have a raised platform from which to work, it makes it much, much easier and safer. A tip I learned a long time ago that will make any patch-up job easier. When you repaint a room, take that remaining paint and store it in glass jars with tightly fitting lids. Air kills and sours paint, but if you seal it air tight, you can literally store it for over a decade. Label each jar with the manufacturer, the name of the color, the type (flat, matte, etc), and if you have it, the base number and color codes used when originally mixed. Lastly, label what rooms that paint is used in. Now when you need to do a touch up, just put a stirring bit on your drill and mix well. Pour out just as much as you need and tightly seal the jar again right away. Once you paint and it dries, you will never know you touched up paint in that area!