As with any home improvement project, the cost of refinishing hardwood floors varies based on location, floor material, floor condition and other factors. The average cost to refinish hardwood floors is $970 to $1,250 per 300 square feet -- the average reported size of a kitchen in 2012.That cost can easily rise depending on the specific floors, their condition and extra enhancements. The cost to install a wood floor is about $4,000 -- $2,000 more than refinishing. 2  Age: The age of your floor can be a huge factor, especially if you only installed it a few years ago.