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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.

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.

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.

Rekeying your own locks is a low-cost task that prevents you from having to replace the locks themselves completely. The first couple of times you rekey a lock may be challenging because this is an intermediate DIY task. You can purchase a rekey kit from most hardware stores, but make sure you’re buying the kit from the brand of lock in your home that you’re going to rekey.