
Davick |

A familiar is a magical pet that enhances the wizard's skills and senses and can aid him in magic, while a bonded object is an item a wizard can use to cast additional spells or to serve as a magical item. Once a wizard makes this choice, it is permanent and cannot be changed.
So clearly, when choosing between a familiar or a bonded object, you're stuck with that decision, but if you choose bonded object and get a ring at 1st level, could you later pick a staff to replace it? I guess the question applies to familiars as well. Could you replace a dead rat with a toad?

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The 'choice' referred to in the passage you quote is whether to have a familiar or a bonded object.
If you keep reading, you'll see more relevant rules.
A wizard can designate an existing magic item as his bonded item. This functions in the same way as replacing a lost or destroyed item except that the new magic item retains its abilities while gaining the benefits and drawbacks of becoming a bonded item.

Banjax |
There are specific contingencies for how to replace a bonded object that is lost or destroyed.
If the object of an arcane bond is lost or destroyed, it can be replaced after 1 week in a special ritual that costs 200 gp per wizard level plus the cost of the masterwork item. This ritual takes 8 hours to complete. Items replaced in this way do not possess any of the additional enchantments of the previous bonded item
I would assume those same rules apply in order to transfer the bond to a new object to prevent wizards from constantly shuffling it around and taking advantage of this.
A wizard can add additional magic abilities to his bonded object as if he has the required item creation feats and if he meets the level prerequisites of the feat

nikzig |
The 'choice' referred to in the passage you quote is whether to have a familiar or a bonded object.
If you keep reading, you'll see more relevant rules.
PRD wrote:A wizard can designate an existing magic item as his bonded item. This functions in the same way as replacing a lost or destroyed item except that the new magic item retains its abilities while gaining the benefits and drawbacks of becoming a bonded item.
My friend is arguing that he wants to replace his bound item with a NON-magic item and that because it is not magic he shouldnt have to pay the full replacement cost. Whats your opinion on this?

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Talon Stormwarden wrote:My friend is arguing that he wants to replace his bound item with a NON-magic item and that because it is not magic he shouldnt have to pay the full replacement cost. Whats your opinion on this?The 'choice' referred to in the passage you quote is whether to have a familiar or a bonded object.
If you keep reading, you'll see more relevant rules.
PRD wrote:A wizard can designate an existing magic item as his bonded item. This functions in the same way as replacing a lost or destroyed item except that the new magic item retains its abilities while gaining the benefits and drawbacks of becoming a bonded item.
I don't find the sense in that logic. The item only has to be masterwork (that you have to pay for unless you craft the item yourself). You then perform a ritual that requires 200gp per wizard level and 8 hours. I would venture to say the ritual costs are for components so there is no way around that cost. The bonded item becomes magical after the ritual.