Location is important for one big reason: resale. It's important to keep in mind if you want the optimum scenario for resale, whether it's a neighborhood of single-family homes or a townhome complex.
Having a good lot is important to us who spend so much time outdoors in Minnesota. People tend not to like corner lots (unless it's on the corner of a cul de sac in a quiet neighborhood), they like as much distance from their neighbors as possible, and Minnesotans really prize wetlands and natural settings. Location can mean something different to each individual in terms of its location to work or maybe even to the center of their sphere, a church or their friends. As a Realtor, I think of it as a good lot in a good neighborhood.
Other things to consider:
If you are on the lower ring of the neighborhood in terms of price, you can feel comfortable making improvements and upgrades without overbuilding for the neighborhood. If it's the most expensive house in the neighborhood, it should have everything you want in it because you'll not want to make additions. It is a great idea to have the best lot in the neighborhood. The winning combinationof a good lot and a good house can affect the resale.
School districts are important, even if you don't have children in school. Buyers should pay attention to the perceptions about a district and any recent events as that can affect resale as well. If there is little appeal with regard to the school district, you're potential buyers may be limited to those without children.
It's also important to think about family needs and what's important to the family as far as the number of rooms or the size of the space. It's a balancing act, where you must think about the long term value of the home, and what the value will be to you in the meantime.