Generally, location is a very good thing.
The drawback sometimes is traffic congestion and noise.
But, generally, the closer you are to transportation (highways, subways, bus routes), shopping (both food and other things), entertainment, and so on, the higher a property's value. As I mentioned, sometimes the trade-off for location is traffic congestion and noise. If a home backs up to a major highway, that's not so good. If it's right across from a school, and you'll have school buses jamming the roads for hours every day--along with lots of screaming kids--that's not so good. If you're right at the end of an airport runway, that's not so good.
You get the idea.
But if you can balance convenience and location with the quiet and security that most people want, that's a good thing.
Hope that helps.