Typically, it can take around 15 minutes to rekey a lock. The time depends on the type of lock and how skilled you are at rekeying. The first time you rekey a lock, it may take a little longer. Once you get the hang of the process, it will move along much more quickly.

Newer, electric-powered door locks generally have a life span of five years or less. That’s thanks, in large part, to a phenomenon called planned obsolescence, in which products are programmed to need replacing after a certain amount of time. That’s also why older, manual, push-key locksets can last up to 30 years with regular cleanings and maintenance. When it does come time for a new set-up, know that the cost to change locks ranges from $130 to $500 on average.

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.

Expect to pay between $50 to $200 if you hire a locksmith to change your locks. That figure includes labor and the cost of basic hardware. The cost will naturally be higher if you plan to install more expensive locks, like smart locks, and if you need a lot of them.

Homeowners can save money by replacing locks themselves. A typical rekeying kit costs about $10 to $25. The only additional cost is purchasing new house keys, and those are no more than a few dollars per key. If you want to replace the locks on your own completely, the main cost is the price of the locks themselves. A standard knob-style lock starts around $25, while electronic locks and smart locks will run in the hundreds of dollars. The only additional tools you should need are a tape measure, screwdriver, and screws if they are not already provided.