As we approach Independence Day this week, it is appropriate to celebrate not only the birth of our nation, but also one of our most cherished freedoms - the right to own private property. Each of us is guaranteed in the U.S. Constitution the right to life, liberty and property.

If you currently own real property, you may be wondering what it's worth today and what you should be doing to protect it or benefit most from it. And that's our topic today. Here are three ideas that might make sense for you in today's real estate environment.

First, you need to know that now may be a great time to consolidate your debt.

Let's say you are a typical consumer who carries a credit card balance, has a car loan, and is maybe paying on a personal loan or a student loan of some type. These are considered consumer debts, and the interest you pay on them is generally not tax deductible.

In addition, interest rates on consumer debt are often much higher than the rate you would pay on a new fixed rate loan or a home equity line of credit. If you are satisfied with your existing first mortgage, a home equity line may be the answer for you.

In some cases, you can borrow up to 100% of the value of your home minus your existing loan balance, then use that money to pay off your consumer debt.

Your cost of borrowing will likely drop from a nondeductible rate of perhaps 18 percent down to a fully deductible rate of as low as 5 percent. If your loan-to-value ratio exceeds 80 percent of appraisal, expect to pay a somewhat higher rate, but still save money every month on debt consolidation.

If you follow this course of action, beware of two traps: the rate of interest on most home equity loans is adjustable, and you will have pledged your house as collateral for this loan. So be sure you are going to be able to afford the monthly payments before you pay off a credit card with home equity debt.

Your tax preparer can assist you in estimating savings based on current interest rates, but many lenders are even willing to pay all closing costs on equity loans if you draw out some money and use it, so shop and compare between lenders.

Next, because long term fixed rates have remained lower than anyone expected them to, now is a potentially good time to consider replacing your existing adjustable first mortgage.

There are untold thousands of homeowners across America who still pay monthly on LIBOR-based adjustable loans, and as rates rise over the next few years, you can expect to see those monthly payments jump substantially.

But by refinancing now, you can lock in a fixed rate of 6 to 7 percent that will not change for the lifetime of the loan. That stability can make a big difference as you plan for your financial future.

And yes, there are substantial closing costs associated with any complete refinancing. But there are plenty of lenders who are willing to pay your closing costs for you if you will accept a slightly higher interest rate. I recommend that you avoid lenders who promise that they have no settlement charges as they are, in my opinion, being less than straightforward in their advertising.

Finally, as we enter the summer season, now is a great time to consider buying a house for yourself or as an investment. It all has to do with supply and demand, and right now there is more supply on the market than there is demand for that product.

You can expect sellers to be most cooperative in terms of pricing and negotiations, while new home builders are making offers that you may never see again. As always, I recommend that you shop and compare, but know that you can get a lot for your money in this market.

Also, if you have a home to sell, you may want to consider holding on to it as a rental property. That strategy might be especially attractive if your existing loan is at a low fixed rate.

Rental vacancies are low and rents are rising. And if you can wait a couple of years to sell, it is possible that homes will be worth more in the near future than they are today.

Remember that if you have owned and occupied your home for at least two years, you can rent it to others for up to three years and likely still qualify for the capital gains exclusion of up to $250,000 per owner. Just make sure you close on the sale of your previous residence before the third anniversary of your move-out, as the IRS time limit is not flexible.

Because each of these recommendations involves a major financial step, talk to your tax professional before you sign anything. It's always smart to make sure a tax strategy applies to your situation before you commit yourself.