home, holm

Home or home means a house or dwelling; the residence of one or more persons--
It's cold; let's go home.
What time will you get home?
He doesn't want to go home; he's having so much fun.
Home may mean the dwelling of a bird or animal--
The bird makes his home in a nest, one he builds himself.
That hollow tree might be the home of a groundhog.
Home may also mean the place where someone was born, or the city or country a person usually lives in--
Vacations are exciting, but it's good to be home.
"There's no place like home..."

Holm or holm means a small island in a river or lake--
Let's pack a picnic lunch and row out to the holm.
We go to the river each year in June, and camp on a holm not far from the shore.

Now that you know that, you can say--
"He wants to make his home on the holm in the middle of the lake."

home, hone

Home or home means place of residence or origin, or the house one lives in--
Go home!
Is New York City your home?
Our team is playing a home game today, and we are going to see it.
Is anyone home?
Are they at home?

Hone or hone means to sharpen, literally or figuratively--
He uses a grinding stone to hone the edge of his tools.
He hopes that playing this game will help to hone his wits.
Hone also means the stone used to sharpen a razor or blade--
He is looking for the hone he uses to sharpen his razor.
Hone also means a tool used to enlarge the dimensions of a hole to a desired size--
After you drill the hole, use the hone to enlarge it to 1/2" in diameter.

Now that you know that, you can say--
"When he gets home he will hone that blade for you."

Note--"to home in on" means to get closer and closer to a source, such as the source of a radio broadcast, or to a target for a missile--
It will take several seconds for the missile to home in on the target.