OP,
Be very careful on this possible move to the living room!
I have said often, I would much rather have a small system in a dedicated room than a bigger one in a common area… especially if it is nearer to where my partner sleeps… or will want to cohabitate.
I have heard drop dead gorgeous systems with spectacular imaging and realism in rooms the size of walk in closets. It takes effort… tubes, careful choices, room treatments. But because the room is smaller you don’t need as much power and hence you can get higher quality lower power stuff (amp and speakers).
I vote for the dedicated closet and the knowledge that you can create a world class system in it for much less money than moving to a communal space.
It also allows for something you can really be proud of for what you achieve by using your mind. Learning the nuances of the acoustics of small spaces and really high quality electronics.