Price is the first obvious variable to consider. It is almost always cheaper to refinish your floor than to replace it. When replacing, you must consider the cost of the new wood as well as the installation. You can offset much of this cost by installing the floor yourself, but this is a very invasive process that requires specialized knowledge and precision. You can typically refinish a wood floor yourself, with just a few inexpensive solutions. Denver Hardwood Floor
– If you want to change the species of wood, you may consider replacing the hardwood. The majority of homes in the US have oak. Some people love the look and graining of oak; other customers prefer a more unique look – such as a brilliant Brazilian cherry or a clear maple or a modern looking bamboo. If this is the type of look you are going for, changing woods may make sense for you. But, please understand that you can stain your current floors a different color than they are now. So, don’t just make a change because you don’t like the color since that is easily changeable. Denver Hardwood Floor

Michael – The exotic woods are a bit more challenging to work with stain wise because they are naturally darker and redder. Yes, you can refinish them and make them darker and browner. But, you will still have some underlying red tones. So, you may need to go darker than what you’re thinking to drown out the red more. Definitely test colors. Most likely, dark walnut will come out the darkest. Use duraseal…it’s a better stain, dries faster and is a bit darker than minwax.
Eliminate any problem spots to make the subfloor level. Sand minor humps down with a hand-held or orbital sander to make the subfloor level. To fill any dips or low spots, use a leveling compound (also known as floor patch). Mix up the compound according to package directions, fill in the dips, then pull your straight piece of lumber back and forth over the spot to flatten and level it with the rest of the subfloor.[7] Hardwood Floor