Please help with dynamic text on my blog

Hi,

I am using template that retrieve $title to be displayed as first sentence/H1 tag in my page. It is good because this text will be changed automatically when blog title changed. However, I'm using long title in homepage and I don't want this text too much long for homepage only. How can I replace this with my own custom text for first page only while it still dynamic when page title change for others page. Here is current code

<?php
if ( is_home() ) {
bloginfo('title');
} else {
echo($title);
}
?>

Code (markup):

Please suggest me.

 

<?php
if ( is_home() ) {
$title='Title at home page';
}
?>

Code (markup):