Key challenges include navigating strict loan criteria like the Total Debt Servicing Ratio (TDSR), managing high down payments, understanding complex legal and regulatory frameworks, and selecting properties that align with lifestyle needs and investment potential.

Begin by assessing your daily activities, family needs, and long-term lifestyle goals. Evaluate properties based on proximity to essential services like schools and work, as well as community amenities, to ensure they support your lifestyle now and in the future.

The 4-Circle Model helps you shortlist properties based on four key criteria: budget, location, size, and amenities. This framework simplifies the decision-making process by focusing on properties that meet your specific requirements.

The C.A.R.E Framework stands for Compound Annual Growth Rate, Assessment of Risk, Rental Yield, and Exit Strategy. It guides you in evaluating a property's potential appreciation, identifying risks, estimating rental income, and planning for a future sale to ensure a well-rounded and informed property decision.

First-time buyers should first assess their financial health and understand their borrowing limits by calculating their TDSR. Researching different property types and eligibility requirements is crucial. Obtaining a pre-approval for a home loan is advisable as it sets clear budget parameters.

To assess risk, consider economic trends, interest rate forecasts, the property's location, and its physical condition. Evaluate your income stability and potential property value changes. It's prudent to maintain a contingency fund for unforeseen expenses.