Not sure what the milage is, between building and buying a machine these days.
For example http://www.pcworld.co.uk/gbuk/hp-pavilion-p6793uk-desktop-pc-09885837-pdt.html and http://www.overclockers.co.uk/showproduct.php?prodid=FS-226-OK is not too far off what you trying to build.
There can be a case (sic) made for either build or buy. If you just want a computer, buy one. There are lots for $500 USD and less these days. However, remember that the computer manufacturers/resellers are still trying to make a profit at those prices, so they will cut corners wherever they can. Yes, they get much better prices on components (drives, memory, CPU, mobos, et al), but that's not the entire picture.
Building/assembling your own has some tangible benefits, cost notwithstanding. First, you get to know what's in your system. Second, the warranties on failure-likely components (mobo, cpu, RAM, discs, power supply, etc) that you purchase directly are generally better than the 1 year most consumer systems give you. Example: Seagate and WD provide at least 3 years on drives; Kingston, Crucial, et al provide 2-5 years or better (lifetime) on RAM; etc. That can be important. I've had two Seagate drives fail on me over the past year or so. Because I purchased them directly from an authorized reseller, they were still under warranty, and as such replaced for free. Ditto with a RAM stick that was failing (overheating) after 3+ years. If it was a Dell or other system that I had not paid a lot extra for additional warranty time, …