Take out laminate or refinish hardwood?

[Brandon Tran]

I just bought a new house and I’m in a bit of a predicament. I’m trying to redo my floors because they are outdated but the hardwood is in good condition just want to refinish them a different color. But I just found out my living room space has laminate flooring because the previous owners had carpet there before and they didn’t replace it with hardwood flooring which the whole main floor is made out of, they replaced it with laminate.

The whole main floor is 1500sq ft. I don’t know if I should just rip the whole main floor out and replace it with LVP or should I just figure out what hardwood I have, replace the living room laminate with hardwood and just start the refinishing process?

What is the most budget friendly option here?