Custom Application or CMS
Most people prefer CMS, but I don't think it's the reliable approach to tackle real-time problems. Technology is shifting quickly and introduced thousands of new features in websites. If you are not able to code on your own then don't go for CMS. There are many negative points in CMS along with the loopholes which can harm your whole application. Now schools and other educational institutes are moving to CMS just because of the cheap development cost. In ASIA it cost around 20$ to 100$ for a CMS based on WordPress or Joomla. But there is no data integrity, reliability and maintainability. To add another feature to your WordPress CMS cost around 100$ to 500$ its mean, cost of development is less and running cost is more than that. So where is cost efficiency? along with this, WordPress takes 40 MB approx on a server without the theme, and theme cost 2 MB to 200 MB and all of this there is no useful data provided. In custom application development where you get storage efficiency, you also get data integrity, maintainability, high-quality code, speed and technology updated platform. In the beginning, it may cost you 100$ to 10,000$ depend on the scope of application. But have the edge with own features, there is no dependency on plugins which are written by others, there is not the chance of hacking of website. You can be developed the same site which occupies space of 50 MB in just 5 MB of code. In all of this high speed entertained along with reliability. So it's your choice to have bad luck with CMS or good luck with the custom application.