Is it possible to flash a phone at home? Many people do.
Should you? It sounds as if you know just enough to hard-brick the phone, then go out and buy a new one.
Is there a reason to flash a ROM? Only if the ROM gives you something you need that the stock firmware doesn't (and the ROM developer didn't leave anything out - a lot of ROM announcements will tell you that they haven't gotten GPS, or voice control or something else working yet). "A ROM" doesn't, by itself, give you any advantage.