This depends on the flooring you have and the flooring you want to replace it with. It is almost always less expensive to refinish your hardwood floors. Replacing old floors is generally more expensive because you have to pay for ripping up the old floors and hauling away the materials. The labor costs may also be more expensive because the workers may take longer to remove the old floors and put in the new ones. Even if you have some stains or other issues with the old floors, it will almost always cost more to replace them than to just refinish them. There are some issues though that require you to get new flooring: The floors have been refinished several times in the past. If the floors have already been refinished many times, it might be time for new floors. If the floors are bouncy and not sturdy, you may also need new floors. You want to change the species of the wood. Getting a different kind of wood will require you to rip up the old floors and get new ones. If you want to just change the color though, you can stain the old floors a new color. Change the width or direction of the wood. Size and direction can't be changed with staining or refinishing. Getting a new pattern will require new floors. Less time and mess. If you don't have too much time or don't want your home to be in a big mess, changing the floors is likely the better option. Refinishing takes much longer and will leave your home in a mess for weeks.