I have been building website templates on the go, as in when I need a logo, I will make it and put it in my website, if I want a gradient background, I make it and come back.

Is making the whole layout in Photoshop first the way to go? Does it make life easier?

Many people do the whole psd layout, but I think it is a waste of time.
Just like you, I make the graphic elements only when I need them