Hosting your site on your own server is a bit more complicated than just purchasing and running a server. As sequencehosting mentioned, you have to think about software that needs to be installed, managing your server, and also powering your server. If you do it from your home, your hydro bill will definitely increase. Also don't forget about the time needed to upgrade your software/hardware as well as a plan to backup your server (very important).
You will also need to think about transfer speeds and bandwidth. Many ISPs cap (limit) the bandwidth for its users, and the connection speed may not be sufficient if many concurrent users connect to your site.
It is easier to pay the few bucks a month and have someone host your site.
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