There are a number of web hosting options; and if you want to make the right decision, you have to get to know your options well:
a. Co-location hosting: In this hosting service, you will enjoy the privilege of owning your own server equipment. The servers are your property, but you are renting physical space to be able to house them safely. Given the features, you get huge control over the management of your website, but have fewer responsibilities.
b. Dedicated hosting: With a dedicated hosting service you lease the server and the physical space. You do not own the server, cutting costs from a co-location hosting, but your rented server is leased for your own use and you get to enjoy management and maintenance services from the web hosting company, too.
c. Shared hosting: As the name suggests, this involves having to share server resources with other websites. Due to its nature, it is the least expensive because you are sharing maintenance, storage costs with other people. Unfortunately, since you are sharing with other websites, you are not given full control over your server configuration.