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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.

A deadbolt differs from a regular lock in its design, construction, and security level. Regular locks are typically used for interior doors, such as for bedrooms and bathrooms, and provide minimal security. They are easy to install and use, often featuring a simple locking mechanism on the inside. In contrast, a deadbolt is one of the most secure locks you can install on an exterior door. Its internal construction is designed to withstand significant force, adding a crucial layer of security that can deter intruders. While deadbolts may be more expensive and complicated to install, they are cost-effective for the security they provide and are built to hold up to wear and tear.

It’s possible, but depends on the design of your lock. Some door locks that lack a keyhole do boast a small hole on the exterior handle or knob. This hole’s primary function is to allow water to drain out of the lock, in addition to giving homeowners an easy spot to insert lubrication. However, you can typically use a paperclip in this pinhole to unlock the door by manipulating the mechanism inside. 

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 However, replacing the lock if it is severely damaged, outdated, or lacks security features may be a better long-term investment.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.