How long will you live there? You may love the look of painted floors, but most buyers prefer natural wood. If you are going to put time and money into the floors, you might as well improve the home's value by refinishing. The cost comparison depends on who does the job and how much repair is involved, but you will likely recoup any additional cost to refinish down the road.

Will you want to strip it back to the natural wood look, ever? Putting paint on the floor will make it harder to refinish later. And if the wood floor has grooves and cracks, the paint will seep in and be very hard to remove. If you merely want to cover up discolorations in your old wood floor, consider a dark wood stain instead.

Is your wood floor in horrible shape? If your floorboards are a little warped and there are chips and grooves where it should be smooth, there is hope – but it probably doesn't lie in refinishing. Wood floors can only tolerate so many sandings. Paint over a wood floor in disrepair can actually look charming, and you can tape off a checkerboard or other pattern to hide the flaws of the wood.

Do you like the look? When all is said and done, this is the most important factor. Don't be swayed by fads, but if you like a painted wood floor, it could be the best answer.

If done correctly, your efforts will reward you with a beautiful, durable floor. Seal the paint with several coats of a non-yellowing polyurethane finish, and the paint job should last for years, needing only touch-ups of sealant every few years.