I would never look a gift horse in the mouth. I've had some lovely homemade earrings and, recently, a wall hanging made in the style of Georges Seurat.
Don't make anybody a homemade gift. Unless you're really good, or it's going to be really practical. If it's a little thing you think is cute 'cause you made it, just forget it.
Gifts have ribbons, not strings
Homemade sweaters are always itchy.