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With my limited experience, at your budget, you'd be better off with some active reflex bins.
Obviously building your own is loads more fun though.
I'd recommend reflex though, horns usually need loads of power to reap the benefits (unless some wizard in this forum says otherwise)
If you want live bands, be sure to factor in a mixing desk and microphones.
DO NOT BUY SHIT MICROPHONES!!!
doesn't matter how good your system is, if your using a poundland wireless mic, it will sound like it.
I'd invest in some sure sm58s and 57s. Also maybe a beta 52A for kick drums.