Installing deadbolt locks on exterior doors can provide an extra layer of security for your home. You can sleep better knowing you and your family are protected. Comparatively, installing a deadbolt is a lot less expensive than putting in other kinds of home security measures.

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If you're handy, you can install or replace a deadbolt yourself and lock in significant savings on installation costs. Or, you can hire a professional to do the installation for you. Here’s a look at how much it costs to install or replace a deadbolt.

How Much Does a Deadbolt Installation Cost?

Deadbolts are extremely affordable, considering the high level of protection they add to your home. Professional locksmiths can install a deadbolt for you within a couple of hours. However, you'll pay a higher price than if you just purchase the parts and install it yourself.

Based on listings on Walmart.com and data from Bob Vila, deadbolts generally cost between $50 and $175 (CAD 65 and CAD 225). However, you may pay more depending on what type of deadbolt you want and where you purchase it.

This is a nominal fee for a heavy-duty lock, especially if you already own the necessary tools to do it yourself. Then, you’ll only pay for the hardware.

If you need professional installation, a locksmith's services (based on Forbes’ national average figures) can range from $15 to $40 (CAD 20 and CAD 50) per lock, depending on the material of the door and where you live. Add in the price of the lock itself to get your total. Keep in mind that, on top of the labor costs, most locksmiths also charge a service fee just for coming out to your house. Usually, it’s between $50 and $100 (CAD 65 and CAD 130).

How Much Does It Cost to Replace a Deadbolt?

But what if you only need to replace the deadbolt? The holes are already drilled, so replacing a deadbolt yourself is easy. Just buy a new deadbolt and put it in according to the manufacturer’s instructions.

According to HomeGuide, hiring a locksmith to come out and perform the swap for you can cost anywhere from $75 to $200 (CAD 100 to CAD 260), including the service charge. In this case, you're paying basically the same amount that you would for an installation. Given that it's a simpler procedure than a full-blown installation, you should be able to perform the replacement yourself. It will save you a significant chunk of money.

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How Long Does It Take to Install a Deadbolt?

A professional deadbolt installation takes less than two hours. If you're going the DIY route, it will take a similar amount of time, depending on your familiarity with the necessary tools. Deadbolt replacements can be performed in just 15 to 30 minutes since all you're doing is swapping out the hardware.

How Much Does It Cost to Have a Deadbolt Rekeyed?

A simple rekey of the locks on your home is significantly cheaper than replacing them. It costs between $75 and $130 (CAD 100 and CAD 170). Rekeying doesn't require a complete hardware replacement, but rather a change to the lock pins so that you can use a new key to access the house. If you lose a house key or have security concerns regarding someone who has one of your keys, this is the most affordable way to secure your house quickly.