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If the refund has NOT been accepted, don't do anything and wait for Valve to accept or decline the refund request.
If you refunded to your Steam Wallet, that is where the refund will go. This means that you would have that money in your wallet and have spent more for the purchase of the game. You could then spend the Steam Wallet funds on Steam or in the community market.
I wouldn't consider that paying double for the game, but you would have spent twice as much then you would otherwise have.
If you refunded to your original payment method (assuming other then Steam Wallet) then the refund will go there and you will only be rebuying the game.
Okay cool. I was concerned because my refund was accepted and I realised I made a mistake and decided to rebuy it (I refunded thinking I needed the money later down the line).
I rebought it AFTER my initial refund accepted, so hopefully that means I'll get the money back for the initial refund (it went back to where I initially paid for it, not steam wallet), so I don't end up paying twice!
What if the refund is still pending for acceptance? I requested a refund on base dead island and want to buy the gold version but refund is pending and sale ends soon. Idk if it will effect my refund or not if i go ahead and buy it