If you have a passion in becoming a custom home builder you should pursue it. Yes the market changes, but with that you can change with it and stay on top of it. You can remodel homes when new construction is not thriving. You have to be able to stay on top of the economy and be flexible and innovative to continue your success. Buying land/lots when the real estate market is down and being able to hold can be a good option and then when market turns you can build. I have a close friend who had bought land for future development during the savings and loan crisis and had the ability to hold it. He then was ahead of the market when he started construction and was extremely successful. The real estate market declined again and he switched gears to remodeling when people were not selling, but staying in their homes and fixing them up. He also invested in more lots when the prices lowered and held them to be ready to build again and he has and has been extremely successful.