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Rekeying is typically cheaper than replacing locks. Professional rekeying costs between $40 and $160, sometimes with an additional fee of $15 to $40 per lock. A locksmith's hourly rate averages around $75. If you do it yourself, a rekeying kit can cost as little as $10. In contrast, replacing a lock costs between $130 and $500, with an average of around $315, depending on the hardware and lock type. Rekeying is a simpler process that changes the key for your existing lock without replacing the hardware. It is a good option if you have a quality lock that works well, you've recently moved, you've lost a key, or you need a quick security upgrade. The best choice depends on the condition of your current locks.

Door locks should be changed roughly every seven years. The average lifespan of a door lock is seven to 10 years, so it’s best to err on the side of caution and change them early, especially if they are showing signs of wear and tear. Examples of deterioration include visible rust and difficulty opening or closing the door. Some locks can work safely beyond 10 years, but it depends on how often they are used and whether they are exposed to damaging environmental conditions like precipitation or extreme temperatures.

The cost-effectiveness of fixing or replacing a door lock depends on the severity of the issue. Repairing a minor problem, such as loose screws or a need for lubrication, is usually cheaper than replacing the entire lock. However, replacing the lock if it is severely damaged, outdated, or lacks security features may be a better long-term investment. New locks often have improved security features, enhancing your property's safety.

Security experts recommend deadbolt locks as the most secure option for a house's exterior or entry doors. Deadbolts provide the best security because they can prevent most types of forced entry and are harder to lockpick. Common types include the standard single-cylinder deadbolt, which is often found on front doors. For enhanced security, you can opt for a double-cylinder deadbolt, which requires a key to operate from both the inside and the outside.