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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.

There are several situations when you should change or replace your locks to ensure your home's security. Key moments include moving into a new house, after a break-in or attempted break-in, or when a roommate or anyone else with a key moves out. It is also wise to change your locks if you lose your keys, especially if they have an address attached or you suspect they were stolen. Finally, if your locks are old, broken, worn out, or have become unreliable, they should be replaced.

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.

Several types of deadbolts are available, including single-cylinder, double-cylinder, rim, smart, and electronic deadbolt locks. The most common type found in U.S. homes is the single-cylinder deadbolt, which uses a key on the exterior and a thumb turn on the interior. A double-cylinder deadbolt features two locking mechanisms and requires a key to be operated from both the inside and the outside.