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If you are new to this (or not sure) do not risk and get your web hosting account from one place and domain name from another. Yes, in this case you will pay more, but you will be 100% sure that domain name belongs to you.

I'm sure if if you get a bigger solution than you need at the moment that won't be a problem at all. In this case you leave some space for yourself to grow.

If you check some current VPS offers you will see that some of them can be as cheap as shared hosting. But as rule such cheap options come with unmanaged solution. So you can take shred hosting with control panel (it is a managed solution) or you can take a unmanaged VPS.