Just like the Property Brothers! Seriously though - buy a house based on where it is located. Location is really everything. You can change everything else except where the house sits.
Very true, in fact I'd say location is the 1st factor to consider, especially if you are looking to settle for awhile, start a family, etc. Never forget you're actually buying the property to own as well the house. School ratings, commute, community, businesses, hell even crime rates all should really be things you consider when picking where you;ll be living. You're lifestyle may determine some of those things. Like I don't have kids and travel a fair amount for work anyhow so commute and school ratings were not super important to me. Still, you have to consider you'll be selling the place you buy to others at some point (and sometimes sooner than you think).
Very few people live their lives forever in the first home they bought. So just beause you can live with something doesn't mean others will consider doing so & for most people this is the biggest investment purchase they ever make so you want to get value when you eventually sell it. As Javery just said, you could completely gut the place and rebuild it all, but you can't move or replace the actual property and you'll find out just how true that is when you have to eventually sell the place you buy.
Which is also somewhat related to the fact that you have to be abit worried about curb appeal when looking at homes. Don't neglect this because it's a giant factor in eventually selling most homes. While some things can improve that but you'd be shocked at how expensive things like good landscaping can get even if you do most of it yourself...