I have a home domain server and want to be able to use this rather than third party managed (site builders) etc. If I purchase a domain name from GoDaddy am I able to direct traffic to my own servers ?
Yes you can as long as you have set up your home server correctly. You need a qualified domain name, you then forward your domain to your server. Unless you have done your homework regarding the setup of your server, this won't work out-of-the-box.
It does indeed also count what exactly you count as a home server? A real server, properly set up, no problem.