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you can release your familiar and pay the new familiar cost of 200g per level and any associated cost of gaining the improved familiar (it would be stated in the familiars description, beyond clockwork and homunculus I'm not sure if there is any though)
"If a familiar is dismissed, lost, or dies, it can be replaced 1 week later through a specialized ritual that costs 200 gp per wizard level. The ritual takes 8 hours to complete"

Irnk, Dead-Eye's Prodigal |

Depending on what Improved Familiar you choose...
I actually had a Witch who picked up Improved Familiar & I convinced my GM to just let me apply the Celestial template to my familiar. And before anyone says anything, yes I know a Celestial Weasel is sub-par for that Feat.

Thymus Vulgaris |

you can release your familiar and pay the new familiar cost of 200g per level and any associated cost of gaining the improved familiar (it would be stated in the familiars description, beyond clockwork and homunculus I'm not sure if there is any though)
"If a familiar is dismissed, lost, or dies, it can be replaced 1 week later through a specialized ritual that costs 200 gp per wizard level. The ritual takes 8 hours to complete"
Except you get the improved familiar for free (disregarding the feat cost).

joeyfixit |

7crown wrote:you can release your familiar and pay the new familiar cost of 200g per level and any associated cost of gaining the improved familiar (it would be stated in the familiars description, beyond clockwork and homunculus I'm not sure if there is any though)
"If a familiar is dismissed, lost, or dies, it can be replaced 1 week later through a specialized ritual that costs 200 gp per wizard level. The ritual takes 8 hours to complete"
Except you get the improved familiar for free (disregarding the feat cost).
To clarify:
You are currently 5th level. Your eye is on the Faerie Dragon at level 7, but in the meantime you'd rather have a Sprite than the familiar you currently have. If you take the feat now, I was asking what was involved with replacing the familiar later, assuming it doesn't die.

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Then I'd say the RAW is that you gain the Sprite now, and have to pay to get the Faerie Dragon later. Personally in my home games we just say that the familiar is a magical extension of that caster and just metamorphoses into the new form if the old one isn't dead (assuming that's what the caster wants) - this helps with continuity and prevents the feat from screwing over witches.