I finished my first real bike build about a year ago. It started with finding an abused, unloved Raleigh frame in a back alley scrap pile. All the cable guides had been ground off in a demented attempt to create a fixie out of a nice road frame. After some research, I worked out that it was a 1973 Raleigh Super Course. I decided to take on my first build. Gathering parts from Ebay, swap meets, and the back room of the LBS used parts bin, I was able to piece together a great riding bike. There is a lot of satisfaction in putting together a design and a dream of the bike of your own. The used parts weren't too much dollarwize. I stripped the ugly paint. had the frame cracks repaired, and rode it awhile to see if I liked it. I loved the ride and the fit was just perfect. I decided to have the cable guides replaced, frame painted and decaled professionally, which was the greatest expense. In the end, it was the most fun I've had in a long time researching everything here on Bikeforums, and elsewhere, and putting it all together. For a cast off frame, built out of a rag tag collection of parts built by a rookie bike mechanic, it turned out even better that I could have hoped. Good luck with yours. Bikeforums is the right place to start.
Bottom line, it cost more than it should, but what doesn't?
Finished paint.
My finished ride.