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Rekeying a lock changes the internal mechanism so that a new key works, while replacing a lock involves swapping out the entire hardware. Rekeying is a good, cost-effective option when you want to ensure old keys no longer work, such as after moving into a new home or losing a key. It's also ideal if you want to keep your existing lock hardware. You should opt to replace the locks entirely if you want to upgrade to a more secure or different style of lock, if the current lock is old or damaged, after a break-in, or if too many copies of the old key exist.

Many local hardware stores have the equipment to copy basic keys at a low cost. Some locations may have freestanding machines where you can pick out a blank and insert it and your original key into the duplicating machine.

Rekeying door locks yourself costs a fraction of what you would expect to pay a locksmith. On average, it costs between $50 to $100 to hire a local locksmith to rekey your house, though labor costs may vary based on where you live. For a DIY solution, you can expect to spend $11 to $25 on a rekeying kit.

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.