Refinishing the Outside of a Cinder Block House

Thanks to all who answered. We are just going to paint. Sand blasting sounds expensive

You could also nail strips of wood on the outside and do vinyl siding.

Can't you use primer and then a stucco-like paint? I know they use a paint like this in FL and it looks pretty good. Hides the concrete blocks and provides some insulation. I don't know the name of it, but you can check with a home improvement store or a DIY site.

I would have it sand blasted first and then stucco. I did that to an old farm house that had been gunnited over 80 year-old adobe. Worked great.

I assume you don't simply want to apply another coat of paint -- which would be the cheapest solution.
New stucco on top of old paint is iffy unless a wire 'lath' foundation is attached first.
Check out price of sandblasting the old paint -- then stucco can be applied directly to the newly virginal concrete block surfaces. That way the original dimensions will stay the same (most likely) so no need to pay for new trim and such around windows and doors and building corners.
I have no idea if that would work for you financially.
Good Luck.