Advantages of purchasing real estate in Waterville, NY include:

1. Affordable housing: The cost of real estate in Waterville is relatively lower compared to many other parts of New York.

2. Small town feel: The village has a rich history and a small town atmosphere that attracts tourists and families looking for a peaceful and quiet place to live.

3. Low crime rate: The village has a low crime rate, making it a safe and secure environment to live in.

4. Good schools: The village has a public school system that is highly regarded in the region.

Disadvantages of purchasing real estate in Waterville, NY include:

1. Limited amenities: The village is a small town, so there are limited options when it comes to restaurants, shops, and other amenities.

2. Limited job opportunities: As with many small towns, there may be limited job opportunities available in the area.

3. Harsh winters: The weather can be harsh during the winter months, which can be a disadvantage for those who do not like cold temperatures.

4. Limited healthcare providers: The village only has a few healthcare providers, so access to medical care may be limited.