Professional Costs

• The cost of refinishing hardwood floors ranges from $1 per square foot to more than $5 per square foot, according to Cost Helper. The cost should include removing the original finishing, sanding down the floors and applying multiple coats of new stain.
  
  

DIY Costs

• Doing the project yourself can be fairly costly, especially if you don't have the proper equipment. You need a sander, shop vac, paint roller, brushes, rags and stain. DIY Life puts the cost of renting the equipment and paying for the supplies at around $250, as of 2011.
  
  

Considerations

• According to Hardwood Installer, at least 50 percent of the overall cost is for labor. The site claims that, as of 2011, it may cost up to $3.25 per square foot just for the labor involved in refinishing the hardwood floors.