Freedom of religion seems to be the most talked about reason that people came to the American Colonies, but land ownership was another.
Land equaled money, and groups or companies trying to establish a settlement would offer land as an incentive to entice people to come, settle, develop, farm, and create a community.
This was huge for people who lived and worked under feudalism in the countries they came from. Owning land meant they had
wealth, a way of acquiring credit or an ability to trade. They could farm or ranch and produce income.
The Founding Fathers understood how important land ownership was, so much so that they addressed it in the Constitution and the Bill of Rights, stating that governments shall not arbitrarily infringe on the basic right of the individual to acquire, possess, and freely transfer real property.
The 5th and 14th Amendments of the U.S. Constitution contain protections by the government of private property rights. The Founding Fathers believed that the individual right to own property was both a guarantee of people’s legal rights and essential to liberty.
The Homestead Act of 1862 was ed by Congress to help economic growth and settle the American West. The act granted 160 acres of federal land to individuals who promised to farm the land. Today, both federal and state governments have many programs in place to help first-time home buyers purchase property.
One of the biggest advantages to home ownership is long-term financial stability.
Home ownership creates a more stable housing cost and an opportunity to build equity. Property is an appreciating investment and a source of cash. A mortgage payment is like forced savings, allowing homeowners to be wealthier than renters.
This July celebrate all the freedoms the Founding Fathers built into the U.S. Constitution and Bill of Rights.
For more information on your opportunities to become a homeowner or put your equity in your current home to work, go
to rrea.org, look under s for your local lender and have a conversation.
Karen Domnitz is vice president of the Ramona Real Estate Association and a Realtor with Century 21 d, DRE#00897503
