The house is right at the center of the village. It can't get more central. Underneath the house there's everything you'd want (shops, supermarket,cafes and restaurants).
It's actually a very touristy village right at the center of the Rethymno region, so you can actually have it as a base and visit many places and then come back at night.
It's also very cool and fresh up until midday, since it's right on the mountain slope.
Only downside that there's people up to 2-3 in the morning from the activity below (cafes, restaurants) so some people might find it noisy.... but the noise is from the people not the sound systems of the shops.
I had no problem with it, but other people might.