1. I see it the same way - in my opinion that is also the upper limit (there is no more from the bank anyway).
The limit the bank gives you is an indicator, but I believe for many people it is a financing amount that in the repayment phase just doesn't bring joy in the long run. We financed with similar figures – actually even a smaller loan amount – and with the monthly burden at that income, I wouldn’t want to live like that permanently. On top of that, we still have hefty daycare fees, but even if those don’t apply to you because your wife can’t work, you would still have a higher rate because of the larger loan. So it’s not comfortable. We’re going through with it because we know it will only be like that for 1 more year (and if it got too tight for us, I could always work more again). But I can only advise against a financing plan that consistently relies on that. After all, besides the house you want to have some quality of life.
You’re right, I really didn’t factor in maintenance. I definitely have to include that.
We currently set aside €250 per month for that, now that the money is even tighter. In 2-3 years we want to increase that amount a bit. The house won’t stay new forever and under warranty.
I could (unfortunately) report several pages about our experiences with that. The short version is: We would gladly pay taxes on it, but are “not allowed” to. So we manage the income in such a way that after deducting the (partially calculated) costs for feed, vet, insurance, blankets, outdoor facilities, shearing etc., we don’t have any income left. That way we are on the safe side there.
That is something you have to know yourselves. I don’t know how you are set up there either, I only know that revenues of that amount – even if the costs eat up the profit – usually must be registered as commercial. Otherwise you legally tread on thin ice as far as I know. But this isn’t a tax advice forum, I just wanted to mention it. Only meant well. ;)