Remodeling Basement Stairs

My home is a bungalow. I have done many projects from drywalling, tiles, electrical, blah blah blah but have never done stairs. My basement is finished and I want to continue on up the stairs, eliminate the older faux wood panels which run up the stairs, drywall the two side walls and the entire area including side door, landing area and steps up to the kitchen. My problem is a mental block on how to do the stairs after the drywalling. The risers, treads and stringer are the typical basement 2 x ? wood cover with a cheap outdoor type carpet and dried up glue on everything. I know I'll remove the treads and most likely replace with pine. But do I remove the risers and do the same? Cover them? What about the stringers? I don't want to remove them since I have the walls already set on each side.
Any help to approach this is greatly appreciated.
If you want to see what it looks like, you can view the pictures via the links.
http://www.flickr.com/photos/18223943@N06/5518404229 /
http://www.flickr.com/photos/18223943@N06/5518403903/in/photostream /
http://www.flickr.com/photos/18223943@N06/5518994132/in/photostream /
Thank you
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If it will not make the bottom step too high, I would just put new treads on top of the existing treads, leave the risers alone, and then paint or finish the risers and sides whatever color/finish you want. This is too simple to get hung up. The new treads will make the top step that much less than before, and increase height of the bottom step,. This may of may not be a problem. If you are too worried about the appearance of new treads on top of old treads, you could cut the old treads off so the leading edges are flush with the risers. I have carpeted my basement stairs, treads and risers and change the carpeting every few years as it gets dirty, using carpet scraps that abound on garbage days in the springtime.
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wrote:

My brother has a similar staircase and finished it with enginneered hardwood flooring covering the existing treads and risers. He finished the edge of the treads with a hardwood bullnose. Looked really nice but only time will tell how well it holds up.
Jimmie
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I have a raised ranch and the stairs are used frequently. About 15 years ago I had the stairs , landing, and top landing done with WilsonArt laminate. They look as good today as the day they were installed. My Mannington engineered wood is five years now and still in great shape. A couple of scratches in a spot not visible from moving something carelessly though.
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I agree with Bob. I would add new threads to the top of the old Trying for a one inch overhang.
You can dress up the riser portion by adding a wood veneer of 1/4" laun or A grade plywood.
If doing both, do the risers first to hide the most obvious seam, the bottom..
Those exposed stringers down the side will have to be done the hard way by sanding them. Using paint remover or a heat gun to remove as much as possible before sanding.
Test for lead based paint and secure the stairwell to contain the dust. Wear a respirator while sanding; $30 buys a good one.
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Colbyt
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