Hosting your own site - advantages/disadvantages?

For a tutorial excercise at uni I have to write about the advantages and disadvantages of hosting your own web site compared to contracting a service provider to perform this function.

I thought this would be a great place to ask for opinions as you all know so much!

So please tell me what you think are the advantages and disadvantages of hosting your site yourself instead of hiring someone else to do it for you.

Thanks.
:slight_smile: