Advantages of buying property in the village of Lexington, Oklahoma include:

1. Affordability: Lexington has an affordable cost of living, and is a relatively inexpensive place to buy property compared to other areas.

2. Great community: The village of Lexington has a friendly, close-knit community where residents tend to know their neighbors and look out for one another.

3. Good schools: The Lexington Public School District has a great reputation and offers excellent educational opportunities for children.

4. Natural beauty: The village is located in a beautiful area, with plenty of outdoor recreational opportunities in the surrounding areas.

Disadvantages of buying property in the village of Lexington, Oklahoma include:

1. Limited amenities: The village of Lexington is a small community, which means there may be limited shopping, dining, and entertainment options.

2. Rural location: While the area is beautiful, it may be too remote for those who want to live in a more urban or suburban environment.

3. Limited job opportunities: The village of Lexington may not have many job opportunities, which could be a problem for those who need to work locally.

4. Extreme weather: Being in Oklahoma, the area is prone to severe weather such as tornadoes and severe thunderstorms - this may be a concern for some potential buyers.