The reason most homeowners paint over their stucco is because the cost of re-stucco is higher than just hiring a painter to paint over the existing stucco. Usually within 3 to 5 years, the paint starts to decay and peel. The home would either need re-painting or re-stuccoing. If re-stuccoing is desired, the surface needs sandblasting to remove the existing paint because it is an extra layer that would prohibit proper bonding of a new stucco coat.
Putting a “white-washed” finish on your stucco is similar to painting it. Also called a lime wash, the process is to apply a thin coat of lime powder mixed with water to the stucco. This creates a strong layer of colored limestone bonded to the stucco that doesn’t affect the breathability. This is good for an old-world look to a stucco home. Like paining, if re-stuccoing is desired, the surface would need sandblasting.