Nick/chip

Is it ok buying a razor to restore if there is a nick or a chip in the blade? I see some good looking razors and would like to get them until I see the chip or a pit or nick.

Depends on the size of the chip and the blade. If it’s a big blade, you can ease out a chip and still have lots of metal to shave with. It might impact the geometry of the blade, but if you know what you’re doing, you can deal with that.

Yes and no. A chip can be ground out if it's not too large. Take this one for instance.
Attachment 352391

Which became this.
Attachment 352392.

BUT you will lose some width. This can cause problems with blade geometry, can potentially move the edge out of the hardened part of the steel in some cases and it can also be an indicator of a crack.

In short, on a case by case basis they can be repaired but at your stage of the game it may be a little early. But hey, it's only money right?

Edit: I see David beat me to the draw. Nice shooting Dave.

A couple of other thoughts: time is money. If you are planning to sell the ones you restore the time involved may be a bottom line killer. Sellers often don't know anything about them and think you're just going to admire the blesséd thing so the asking price may not reflect the damage. Also, especially but not only with the FBUs (For Barber's Use) size is key to valuation. One inch (8/8) is the magic number. If you price them you will see a sharp decrease, a precipice almost in selling price at that mark and a sharp increase for anything over.

Just look closely, ask lots of questions and be shrewd in your negotiations. Razors are like cars and guitars: there are a myriad of them out there and are lots of pitfalls along the path to ownership. Know what you want and what it's worth and don't get swept up in emotions. Prepare in advance to purchase meaning have the money ready and know how to spot flaws. Be ready to jump when the right one comes along AND be ready to let it go if it's not right. There will always be another one.