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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.

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 However, replacing the lock if it is severely damaged, outdated, or lacks security features may be a better long-term investment.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

A door lock service is performed by a professional locksmith, and the cost of hiring a locksmith for these kinds of repair tasks usually runs in the $100 to $250 range. It all depends on the type of locks you have, how many locks are included in the service, and where your home is located. Always choose reliable, trustworthy locksmiths, and get a few quotes before making your choice. 

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.