I would suggest that the you go the living room option so that you can observe you tank all the time.
If possible, arrange so that your sump with skimmer, pumps, ro/di, refugium and other equipment is below the tank in the basement. That way you do not hear noisy pumps and all of the maintenance equipment is handy below as well.
Have the electrician wire extra heavy duty plugs in the area and the plumber plumb water and maybe a sink so your maintenance area is nice and organized. Use stainless steel nails in the area as well. Good Luck
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