Minecraft Dungeons II guide
Reroll only when the built-in buff is wrong
Consider a Blacksmith reroll only when the item already suits your build and its built-in buff is the one problem you want to change. Choose a power upgrade when power is the problem, and wait when you would replace the item anyway.
The Gamescom preview describes two Blacksmith jobs: raising equipment power and rerolling built-in equipment buffs. That makes the question more specific than whether any item deserves a reroll.
Name the problem first
Ask whether the item has the wrong power, the wrong built-in buff, or the wrong overall role. A reroll only addresses the second of those. This keeps a reroll from becoming the answer to every disappointing piece.
When a reroll is worth considering
A reroll is worth considering when the item fits your slot, you want to keep its general role, and the built-in buff is the one reason it falls short. Stop when the item is only temporarily filling a slot or when another category is the real issue.

When to wait
Wait when you expect the piece to be replaced, cannot identify the buff you want to change, or are really looking for a library effect. Change your decision once the piece has earned a stable job in your loadout.
Keep planning: Choose the right smith · Compare the whole loadout