New House/New tank

[TANGOMAN]

I too would opt for a taller tank. The 120g is a good dimension. 24" width will give you room for decent rock-work, more open space as well... . Also agree with only one overflow! Though none of my tanks utilize an external overflow, I thinks it's the way to go.
I don't feel an remote, basement, sump is a necessity for this size either. Nice, but not necessary. Pump size will need to be increased dramatically if it's a big lift, and that'll affect power consumption. A remote location does allow for big sumps, big skimmers, , but units can located beneath a cabinet as well, right Bob...? . It's unlikely you have plans for a Ca reactor if you just plan on keeping soft Corals...?
Purchase a new tank for your sump. The extra cost is worth the "security".

Planning is good..."Dare to dream Arnold, dare to dream..."