In international law as well as U.S. law, there are various ways in which one can establish ownership of a piece of property. The most obvious and direct application of the homestead principle is a situation in which a group of explorers discover some previously unknown land and build a literal homestead there. However, in recent times, the homestead principle has also been applied to other things besides land: for example an item of property, or a non-tangible asset such as a business name. For instance, let's say someone creates a company and names it something unique and new like, "Margaret's Cupcake and Squid Mashing Factory", and advertises this company name for a while, using it to do business (successfully or not). They have ownership of their company name by the Homestead principle. Then, if they get successful, and someone else creates a new company with the same name ("Margaret's Cupcake and Squid Mashing Factory"), Margaret can sue for trademark infringement and probably win.

In maritime law, salvage rights are extended to finders of shipwrecks or other abandoned property.

In 2001, Gregory W. Nemitz made a claim in U.S. Federal Court on 433 Eros (a fairly large asteroid, the size of Lake Tahoe). His claim was based on a variation of the homestead principle, which states that persons (or organizations) gain ownership of unowned things based on the amount of equity they invest in that thing. His claim was also based on the fact that the U.S. Federal Government cannot own any object in outer space (by obligation under the Outer Space Treaty, which carries the force of law). He, as a private citizen, is claiming the property based on the equity of his legal acquisition work, private study of, and interest in the property. This claim is as yet unfulfilled, but it illustrates a point. It also illustrates a problem with the homestead principle: Can someone hold a legal claim over a piece of land that he never set foot on? If yes, then how much land can be claimed in this manner? It would be possible, for example, for persons to claim ownership over entire planets.