Pros of purchasing real estate in Grafton may include:

1. Scenic location: Grafton is a picturesque village surrounded by rolling hills, forested trails, and a few small lakes offering a tranquil environment, perfect for nature lovers.

2. Affordability: Compared to major cities and towns, properties in Grafton typically offer more value for the price, which presents a great opportunity for first-time buyers.

3. Close-knit community: Grafton is a small village with a population of fewer than 700 residents, which creates a tight-knit community with opportunities to participate in neighborly activities and events.

4. Low crime rate: Grafton records a low crime rate-which is appealing to those looking for a safe and secure environment.

5. Good Investment: Real estate appreciation has been steady over the years in Grafton, making their investments generally profitable in the long run.

Cons of purchasing real estate in Grafton, New York:

1. Distance to major centers: Grafton is a small and secluded village, with limited access to primary roads and highways, which can make travel to centers for business, education or healthcare an inconvenience.

2. Seasonal weather: Grafton receives heavy snowfall during winter, which can create logistical problems with travel or lead to additional costs for snow clearing, maintenance.

3. Limited amenities: With limited stores, shops and services, the convenience of modern amenities is limited. Grocery, hospitals, schools are some example which may require travelers to other centers.

4. Rural Living: Living in a small village has great pros but disadvantages such as limited accessibility and poor internet connectivity, have to be considered before making a purchase.

It's up to you to weight the pros and cons according to your personal preferences and priorities before deciding to purchase real estate in Grafton, New York.