Thinking about buying land then building a house to my liking smart or dumb?

Ok everybody this offer came up to me a piece of land is for sale in town the hook ups are already there
as much as i try to find a home in my area they all just seem to overpriced and the good ones go fast and i thought to myself what if i just built a house i am single 22 and have about 30k saved up the land would cost me around 10,000.
i would like to know if building a home like this is possible not exactly but close to this
http://homedecorreport.com/tips-to-design-the-right-small-home-building-plans-1675/small-house-plans-with-garage/

what kind of cost would i be looking at? Would this be a horrible investment am i just in over my head
sorry if this question seems stupid and thank you for anybody who inquires
Added (1). Sorry i forgot to include my other intention were to buy a foreclosed home for cash fix it up and live mortgage free which of the two options would make more sense to do.

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