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Replacing involves tearing out the old floor....installing new material...then sanding and finishing it. If a newer style "prefinished"material is used then that part is not required...so there the labor can be knocked down a little.
For any New install you also need to add in the cost of the new flooring itself. Depending on
Handys comment of 2-3 times cheaper for a refinish hold true for normal priced stock.