House and home: a crucial distinction

WITH the banks in difficulty, it is predicted that there will be many repossessions in the coming months.

Perhaps this should prompt debate about the difference between a house and a home. The bricks and mortar purchased speculatively for the purposes of letting it out for profit is a capital asset and should be called a house.

Buyers, by definition, have their own homes in which they and their families live. The building mortgaged by the young couple seeking to settle down and raise a family is a home. The repossession of a house involves losing a bit of money whereas the loss of a home is a catastrophe.