You've just got the keys to your new Bendigo home. The conveyancer hands over a small bunch and tells you the previous owners had two or three additional sets given to tradies, cleaners and neighbours over the years. What should you do, change the locks or rekey them?
What rekeying actually is
Rekeying takes the existing lock body apart, swaps out the internal pins for a different combination, and gives you a new set of keys cut to the new pin pattern. The lock itself stays. The old keys won't open it anymore. Usually $40-$70 per lock when done as part of a multi-lock visit.
What lock replacement involves
The whole lock body is taken out and a new one installed. The new lock comes with its own keys. Cost varies a lot with the type of lock - basic residential entry lock $120-$250 fitted, mortice deadlocks $250-$450, smart locks $400-$900.
When to rekey
If your existing locks are in good working order, brand-name (Lockwood, Whitco, Gainsborough etc.) and meet the security level you want, rekey them. It's cheaper, faster, and the result is identical from a security point of view.
When to replace
If the existing locks are corroded, jamming, cheap brands you don't recognise, or below the security standard you want (single-cylinder where you'd prefer double, basic latch where you'd prefer deadbolt), replace them. Also replace if you want to upgrade to smart locks or key-alike systems.
What to do as part of moving in
Whichever you choose, do it on day one. Bendigo locksmiths can usually attend within 24-48 hours of booking. Don't let it slip until you've had time to 'sort it out' because that day rarely comes. The risk of a stranger having a working key to your home is small but it's also completely avoidable.
One option people forget
Key-alike across the whole house. Rather than carrying three different keys, all your external locks can be rekeyed to a single key. Bigger initial cost but a long-term convenience win, especially if you have rental keys or multiple family members.