Thanks for the replies! Here's another example of the before/after of what I'm trying to do - although my staircase is open on the entire side where the "kneewall" needs to be cut down (like the first link above) versus just 5 stairs. http://www.mitrecontracting.com/stairway-remodel.html. I did find out that they do plan to just cut down the kneewall and put the new treads over the "newly exposed stringer" (from estimate). The estimate is just about half of what the full replacement quotes. One of the other estimates says: "Remove existing stair & rail systems, stair back. Cut access hole to get under lower section if needed and cut down existing rake wall and install new [list of new stair info, including stringers, treads, risers, etc.]. Here is a link that might be useful: Before/After Example

I recently went through this carpet->wood on stairs conversion myself. We had 17 stairs + a landing and an extra step up to the landing. I used pre-finished 5" maple planks (engineered) on the treads to match the wood in the rest of the house. We bought pre-finished nosing for each step ($$$). For the risers I used 1/2" birch plywood painted white (nice contrast with the dark wood). Overall, I'm happy with the end result. However, it wasn't easy and took a long time. 1) it's a lot of work, and, if you don't put some thought and time into it, it will show 2) Walls and stairs are rarely straight, perpendicular, parallel, or aligned in any direction to make this job easier. Each and every cut will be unique 3) Our staircase has a stringer on each side - no balusters to worry about, but that doubles the number of unique cuts to make 4) pre-finished nosing is expensive. Our steps are 42" wide. The nosing comes in 78" sticks. I didn't want a splice in the nosing, so that meant one stick for every stair 5) After we started, I found some places online that sell one piece treads. I'm not sure that it would have been cheaper than fitting multiple planks on each step, but it would probably be a lot less cutting. 6) with 17 steps, the less trips down to the saw and up to test the fit on the top step the better. Of course the top stairs are probably going to be the ones hardest to get right I found the hardwoodflooringtalk website to be very useful during our entire install. There are several guides and a busy message forum. I recommend you (or DH) spend some time browsing it before starting. Unfortunately THS won't let me post a link to them here, but a google search for "hardwood flooring talk" should get you there. Good luck!

I have a friend who did their stairs with her DH. From what I hear, it sounded like they did it in stages because of the finish they used. I have seen the treads at HD, Lowe's and a flooring store. We also considered doing a similar treatment in my sister's marital home which she is selling post-divorce. We were told the going rate for replacing risers, treads, painting and staining plus staining the handrail to match was $200-250 per step. DIY cost varies with the type of materials used, but I would think less than half of that would cover most.

@Pam P. Above are couple of stair jobs we have done before. Hope they can help to visualize your project a little better. The first used the floor boards and stair noses to build the treads with full white risers. The second used the full treads and white risers. I like the second more than the first, but cost you more too. White riser is where you can save money and still look gorgeous IMO. As K Laurence and Cinar suggested, try to find a specialty wood floor store or hardwood floor contractor in your area with good reputation. They can take you to the right path and deliver a happy result. Good luck with your project!