I'm not even sure what my mission would be. I definitely want at least two seats so I can instruct, either students or my kids. I'm an HVAC technician also, so I am very mechanically inclined and work well with tools, and I love to build things. So a 2 seat kit plane would be a great choice for that.
However, I would really like to travel with the family from IL to FL to visit grandma. That would require a 4 place plane that could really seat 4 people and a dog + bags. I'm thinking it would be tough to do on the cheap. Maybe a 172 with a ton of fuel stops.
I guess I was just thinking about something cheap to cruise around the local area in, maybe even go to AirVenture and camp out under the wing. (Not too far from the Chicago area).
Start by reading this book:
http://www.amazon.com/Kit-Airplane-...746&sr=8-1&keywords=kit+airplane+construction
I just finished it. It will answer most of your questions I think. You really need to set out your goals. A used certified aircraft will definitely be cheaper up front, building my own appeals to me because all of the maintenance, including the annual inspections can be performed by yours truly. On a completed purchased homebuild you can do your own maintenance, but an A&P still needs to do the annuals.
All aircraft are compromises, and you will find kits that might be closer tailored to your needs and wants than any certified aircraft, however you cannot use an aircraft certified as an experimental homebuild for commercial purposes. Some pilots/instructors do offer transition training, but I believe they get around the commercial purposes by charging for the instruction and not the use of the plane. This would make primary instruction in a homebuild very impractical for the student and the instructor, not to mention that check-rides must be taken in standard aircraft or S-LSAs
I am in currently in the process of buying all the tools and preparing to build. Another aspect that appeals to me about homebuilds is that I can purchase that parts piecemeal and not be in debt when the plane is ready to fly. However I do expect to spend between $85k-100k to build a two-place Vans, and I expect the process to take 3-5 years from the day I finally order the first part of the kit. If you want to take the whole family, as far as Vans Aircraft go, the RV-10 is your only option and they cost ~$200k to build, but you get range and speed that is Cirrus-like, and it might still not be large enough for the dog. I can't tell you about other kit builds, but the support community surrounding Vans Aircraft is top-notch, and there are more Vans flying than any other kit build which is why I intend to build an RV. On the used market, you can find nice Vans for sale for about the same price as cost to build.
I can't tout that book enough. If you get through the first chapter and you still want to build, then you should build. Buying a partially completed kit as mentioned above can be sketchy in my opinion because 1) during the certification process you need to prove that you completed 51% of the building tasks, and 2) you can't be sure of the quality of the work that you didn't do. I would by a flying kit with several hundred hours before I bought a partially completed one.
We need
Fencer to chime in here.
Just my $.02 My practical experience with kit builds involves ~14 logged in an RV-9A (it was a dream), but I have done all the research.