Rekeying changes which key opens your door. It does not touch the hardware, and for a house you just moved into, that is usually the entire job.
The distinction that matters is rekey versus replace. Rekeying keeps the deadbolt or knob you already have and changes the internal pin combination so a new key is required; replacing swaps the hardware itself. Most people moving into a house or taking over a rental do not need new hardware — the lock works, they just do not know who else has a key to it. Rekeying solves exactly that problem without paying for a new lock you did not need.
The case for replacing instead is when the hardware itself is the problem: a deadbolt that was already loose or worn before you moved in, mismatched brands and finishes across different doors, or a desire to move to a smart lock while you are at it. Getting every exterior door onto one matched key at the same time — often called keying alike — is worth asking about during a rekey, since doing it later as a separate visit costs more than folding it into the first one.
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