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We’re looking to have our floors sanded or buffed and refinished. Any experiences with oil vs. water based polyurethane sealant? Any pros/cons? Is one truly better than the other?

Also, we’ve received a quote for $1600 to do 750 square feet of pine floors. The guy comes highly recommended by good friends whose floors are lovely. Reasonable? We’re first-timers, so be gentle and thanks for the advice.