Schools? And schools? And again, schools? Make sure you are well within a district you are happy with for the next fifteen years.
Commutes? Minimise journeys to work, to schools, to groceries and to family/friends/entertainment, in that order.
All things being equal, I'd look for a smaller/older property in a better neighbourhood. You can change almost everything about a house except its location. And 5 to 8 years is still pretty mustachian for paying off a mortgage while you are bringing up two kids.