Every item in this game can be enchanted. Even the lowest level character can get the best enchantments at any time. You can enchant Normal quality items at any time. Items of "Good" and "Excellent" quality require "Master" and "GM" levels of Elemental Magic, respectively. Highlite an item in inventory and make sure it is "Normal" quality and does not already have any "Special Properties". Your success rate is based on your Spirit Magic skill points. Get this value to 10 and you'll never fail except as noted below.
The one problem with the spell is that it becomes more expensive and has a lower success rate when you promote to "Expert" level of Elemental Magic. If you want to enchant items, stay at Normal Elemental Magic skill until you are ready to promote to "Master" level. At "Expert" level you only get half the success rate of enchantment and it cost twice as many spell points.
Now, I enchant items for the purpose of creating the "of Amelioration" property which heals me and replenishes my Spell Points as I walk around and other neat things like weapons which strike twice. If all you want is money, ther's a banker woman who can be used to give yourself 100 Million Gold and you'll never run out of money.
