I had a 40ft ferro boat for a while. It came with a certificate from a ferro boat inspector so I was happy with it. Because buyers were scared of "ferro" it cost about 1/3 the average 40ft boat cost at the time.
The home building I think is the problem. Its impossible to tell how well the hull was built. For example the cement should have a chemical mixed in it that inhibits the steel rusting. Its not possible to tell if that was done. If the steel rusts inside its hard to see that too.
If you have a good one like mine I found it wonderfully quiet down below. The hull absorbs sea noise really well and they are dust dry. The extra weight isnt always a problem. From time to time we would sail past someone and our beers would be sitting on the gunwales while the boat we were passing bobbed like a cork with its crew hanging on by their finger nails.
They can be very strong if built well. I saw one once that had been machine gunned in Croatia and survived. Timber or fibreglass wouldn't have