A child theme automatically inherits the parent theme’s features, styles, and templates. This allows you to make changes to your site using child themes without ever modifying the parent theme. When a new version of the parent theme arrives, you can safely update it as all your modifications are saved in the child theme.
A child theme built on a powerful theme framework allows a great deal of flexibility without writing a lot of code. You can selectively modify only the template files and functions that you need without going through other template files. You can add new functionality and much more. (from http://www.wpbeginner.com/beginners-guide/wordpress-child-theme-pros-cons/)
Install the Child Theme
Navigate to Appearance > Themes and click on Add New or Add New Theme as displayed in the image below.
Click on Upload Theme and Choose File homey-child.zip and click on Install Now.
Once you have uploaded the child theme, click on activate.