DIY Drill Press (from a Handheld Drill!)

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HOW TO MAKE A DRILL PRESS? In this video, I will show my homemade drill press. I've come to the point where can't build more advanced woodworking projects, due to the lack of a drill press*. I have a list of tons of projects that I want to attempt, yet am unable to complete them due to the lack of a proper drill press - one that can drill at a 90 degree angle.

I am unable to find a used drill press in my area, and with the amount of money that I'm willing to spend on a new one, I would get nothing - they are way too expensive!
I thought of asking for one as a birthday present, but the amount of money that would be needed for buying a drill press that isn't flimsy and would last long just isn't worth it - they are just way too expensive, and I don't even plan on using it so much. Even if a drill press was a tool that I would use every day, I still wouldn't feel comfortable spending a couple hundred dollars on one (way-too-frugal!).

So I need one. I really do need a drill press. I don't want to invest in one, as I think it's not worth it, enough. I try thinking of a plan for building one, but all of my designs require a drill press for building the drill press.
To build a drill press, I need to buy a drill press, but if I already have a drill press, why would I build a drill press? That's the problem with (many, if not most) homemade drill presses. You either need a drill press for making it, or you spend many, many hours working on one, but it turns out inaccurate. I practically gave up. Impossible, or not?
Well, in my case, many months later, all I had to do was well, nothing to get the problem solved. Out of nowhere, all I had to do was draw a quick sketch of the idea that randomly came to my head.

Special features:

You DO NOT need a drill press to build this drill press!
Can be taken apart, and used as a regular drill for drilling. This drill press is powered by (hammer) drill whose intended use is for drilling into walls, which we do several times a year for all sorts of home improvement projects. Whenever that's needed, I can take it apart, and quickly re-assemble the drill press to its original state once I'm done.
You can feel exactly how much pressure you're applying, which poses as a big advantage over store bought drill presses, where delicate work is hard to achieve because of the lack of control.
The column does not need to be thick to resist bending- I used a standard table leg, and thanks to the design of this drill press, there will be a very minimal load on the column (unlike regular drill presses).
You can use forstner drill bits, and other types of drill bits that require for a lot of force to be applied during the drilling process. You are unable to do this with most homemade drill presses, as they usually aren't meant for heavy work.
Can be built with a drill that doesn't have a "handle thingy". I designed it this way since I think the "handle thingy" on my drill isn't at 90 degrees, and has a bit of movement too, since clamping tightly onto it is pretty difficult.
Don't have all of the necessary parts and material for building one? Haven't found them all for free (like me :)? No worries, since as long as you already own a drill and a table leg, pretty much all you need is some spare change :)
Technical Specs that can be modified easily to fit your needs:

15.5" (40cm) Drilling capacity
Lightweight (7kg/15lbs - compare that to a regular drill press! This will make it easy to carry from my room to outside, where I use it.)
Can fit conveniently under a desk for easy storage. (If it's too tall, just shorten it with a hacksaw - simple!)
Big table - really useful for all sorts of jigs and extra accessories! (You could even replace the whole table with a pipe clamp for additional portability, put a scale for measuring the weight of your drill task, or anything else. The possibilities are endless!)
*(Well, I actually do own a drill press. Unfortunately, it takes FOREVER to align it to a point where it looks like it's close to square, and even then the angle changes as soon as I apply a little too much pressure. It's just too flimsy overall. Perhaps useless is the correct definition ;)

The Instructable includes detailed instructions, a full parts/materials and tools list, high quality pictures, and more!)

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14 year old, sick with a deadly disease called DIY-itis!