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I think the master bedroom would be a good junction point for an ALARM system, since it is the most patrolled location in the house at night. The master bedroom would also be fairly high in the house so wireless signals will propagate well. A walk-in closet would also be a nice place to work on wiring.
Personally I would prefer to put all the panels in an unfinished location in the basement. It will be easier to make changes there, and you don't need to be so neat. You will probably have to make changes as technology changes. In ten or twenty years optical cable will be used in homes.
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