Advantages of home ownership in the village of Watkins Glen, New York include:

1. Appreciation: Owning a home in Watkins Glen can be a good long-term investment as real estate prices tend to appreciate over time.
2. Stability: Homeowners in Watkins Glen can enjoy a more stable lifestyle since they don't have to worry about monthly rent hikes or sudden eviction.
3. Tax benefits: Homeowners in Watkins Glen can take advantage of tax deductions related to mortgage interest and property taxes.
4. Customization: Homeowners in Watkins Glen have the freedom to personalize and make changes to their property as they see fit.
5. Community: Homeowners in Watkins Glen, as part of a close-knit rural community, tend to feel a greater sense of belonging.

Disadvantages of home ownership in the village of Watkins Glen, New York include:

1. High upfront costs: Homeowners in Watkins Glen will have to pay a substantial amount of money upfront for down payments, closing costs, and other fees associated with owning a home.
2. Maintenance Costs: Owning a home in Watkins Glen also means you are responsible for all maintenance and repair costs. Repairs can be costly and come unexpectedly.
3. Market risk: Real estate markets are always subject to fluctuations, which can impact the value of your home.
4. Immobility: Owning a home in Watkins Glen means you are tied to one place, which can become a disadvantage if you're looking to move to another area, whether for work or other reasons.
5. Lower Overall Flexibility: Whether it may be being able to move somewhere else fairly quickly, to having more or less living space, owning a home in Watkins Glen may restrict such flexibilities.