Hi and welcome! How exciting for you, planning your first house! I do have to tell you, though, that your plan to "go crazy" might need to be scaled down somewhat once you actually buy your house. Ask any homeowner, there's always a million things that need to be done that burn through the "crazy" money faster than a speeding bullet!
That said....here's my opinion, since you asked!
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First, the big painting is the definer of color for us. A flowery scene with light/medium purple and darker red flowers, very pretty.
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excellent...having an inspiration piece is always a great choice to work from!
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We have a medium purple fancy chair we bought at a designer store that exactly matches the purple in the painting. We also have the Leksvic bookshelf, corner shelf, and coffee table and will probably buy the side table as well. Those are all in antique oak. The rug is kind of beige with lighter "cappucino-steam-type" swirls, from Target.
Now, we're thinking about doing the white Ektorp sofa and chair. We'll put a white vase on the coffee table with some purple flowers (from IKEA!).
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OK...here's where it is going to get tricky. You have two competing styles, and that's difficult to make work well together. You've got the "fancy" chair and the modern rug (and possibly the painting, hard to tell), with some more rustic wood pieces. If you go with the Ektorp, you'll be definitely sending the room into the country/rustic direction. If that's where you want to go, great...but the rug and probably the fancy chair will have to be changed.
If, on the other hand, you want to go more modern, then Ektorp and the antique oak are going to work against you. While you can easily get a more streamlined modern sofa (like my current fave, the Karlstad) with the antiques, you'll have to be very careful about your accessories and any other wood pieces you bring in. It's trickier to do, but not impossible. The key is balancing the old with the new...properly balanced, you appreciate the sleek lines of the modern BECAUSE of the more ornate antiques living with them. Mixing styles...or what designers like to call eclectic...is much more than simply putting two disparate styles in a room. There's a flow, a harmony, that you must achieve or it will just look like you're in the middle of a transition between hand-me-downs and your own style.
so...
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What color would be great for the walls? I'm debating between purple and a yellow-based neutral, kind of like a light beige neutral.
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I'm a big fan of color, but it so much depends on your room shape and size. I'd suggest defining your style first, absolutely, and then choosing a rug that you like. Base your color scheme off that, and choose a color from the painting as an accent to tie it together.
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And would it be good to include some other types of elements into the room as well? We have some iron decorations (for candles) ... what about other wood elements? Bad or good? Like, for example, for the TV table/cabinet?
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Again...determine your style! HGTV has a new show called
Find Your Style and they have a test you can take, so that might be a good starting point. Another good place to go is
Get It Together, click on the link for the Design Taste Test quiz.
Taking the time now to figure this out will make it much easier to shop. You'll immediately know what you'll need, and you'll be able to avoid agonizing over everything in the store. Something will either fit your style, or it won't...so simple!
Some pix would help as well, and you might want to look at writing a "mission statement" for your living room, too! There's a link in my sig with a link to that.
HTH!