I'm not entirely sure what time period Harry Potter was supposed to be in... 40s? 50s? I don't really know. But I kind of like the idea of, yes, it being it's own world with a bit of realistic touch. Like maybe add features from our world or base it off of a certain time period. My personal favorite is the 20s. I just like the style and everything. It might sound crazy, lame, or cliche, but it's an idea nonetheless.