Okay, yeah, I've never actually clarified what I said there.
So as far as equipment goes, you can have the following at any given time:
A crib full of "use-activated" items. This includes things like wands and flaming swords that only do their thing when they're being actively used, i.e. fired at someone's mother or inserted into someone's face. This does not include things like magic pants or flaming swords that also have something like the Eager enhancement, because those constantly provide benefits you don't have to set time aside to use.
Eight constant-effect items. This is the only real limit; if you want, you can wear eight magic hats and no one will question it (except maybe everyone). You can own nine magic hats, or twelve or eleventy-one, but in order to get the benefits of a new
TOWER of HATS you need to put them on and wait fifteen minutes. This generally makes changing your magic pants in battle for the best bonuses impractical.
No one cares how much mundane stuff you have. There are limits to this sort of thing, of course, but I gave you guys a damn mansion with your backstory. I don't care so much about the silverware.
Bear in mind, though, that enhancement bonuses scale (+1/3 per level for weapon/armor/ability score/saving throw bonuses, +1 per level for skill bonuses and resistances to energy, +1/4 per level for deflection bonuses to AC, and +1/3 per level for some other thing like natural armor or DR), and you do get to round up there. So making your sword magic costs a flat 2,000 gp, but right now that will provide you with a nice +3 bonus. You can then layer additional enhancements on top and price it as normal, but you only ever wind up spending one plus, as it were, on the "magic" part. Weird metals/woods do not cost extra money because they're basically just icing on the cake. I will be cross if you start raising your eyebrows suggestively at obdurium, however.
For the actual pricing, here is how things work.
This chart here, helpfully provided by phaedrus, is actually two charts. One has an item level and a price range, the other has a character level and item level range. So to determine the most expensive swag you have, you look up your character level (7) and find that you have 10th, 9th, and 8th level items. These are your three most expensive pieces of bling; you can have pretty much whatever else you want so long as it's cheaper than that.
Since I am hoping not to be a ponce and will likely hand you guys something worth keeping at some point but also hope not to stand in the way of what you actually need, you can boost your items up to the new standards when you level up. If it's important, you can do a little crafting montage or something.
In summary, for your magic swag:
- One item worth up to 6,500 gp.
- One worth up to 5,000 gp.
- One worth up to 4,000 gp.
- Whatever you want that is worth 3,000 gp or less.
Does that help?