In the world of real estate and Accounting Services Buffalo, cost and value are often used interchangeably in casual conversation, but they represent two very different financial realities. Understanding the distinction is the difference between knowing what you spent and knowing what you have. To conclude, the cost of a house is the actual amount paid to acquire the property, while the value of a house represents its estimated worth and potential benefits to its owner. The value can be subjective and may differ from person to person or change over time due to market fluctuations.