Why is it so important to have your own website?

Free sites are slower, don't look as nice, and some ad companies frown upon them.
 
similar to what ihsan2all said..it's the difference between renting a house and owning one.
 
I am referring to owning the whole site rather than the free version of it. I just assumed people would be intelligent enough to realize this. OP asked about free solutions vs. paid solutions. Using a custom domain on a wordpress.com account is still a free solution. Please try again.
You gave no valid reason to why a paid site would be so much better.
Your reason was a custom domain, I can do that with a free site as well why would I pay ? ( I know plenty of reasons, I'm just saying that your reason is stupid )

@Eaglez - Depends on where you host the site.
A blogger site is a lot faster than some hosted wordpress sites.
It depends on how big your site is, amount of traffic and what host would you be using with the paid one. I see no problems with blogger/wordpress loading speeds. Google whichloadsfaster and run some tests between some random ( similar sized ) pages and you'll see that the difference will be minimal, if at all.
 
I have been learning online marketing since around 2010 and at that time i was using free websites, i now use my own web hosting and domain name because i didn't know that i could sell my website later. It such a big loss because my free website have Google PR1. I would have gotten that if i use my own website and could add some value to my website. It is very important to have your own website.
 
whats a coffee or beer cost you?

Because in my part of the world I'll register and host a domain for a year for the price of 5 coffees or 3 beers.

When you put it into perspective you would be mad not to.
 
They are two different situations. Paypal is just a service provider and you can switch any time.

A free blogging site can put you out of business when they like. But having your own site means you own your domain and nobody can do that.

I agree with you. It doesn't have to be Paypal although it's the most common way of sending and receiving money overseas. I have been using it for a long time. Well, if you can, it's better to have your own site. You can do what you want with it.
 
For the OP, one thing that still keep me minding about free blog is running a google blogspot BLOG, they eat up any free blog services namely and can stand for any kind of DDOS attack or traffic flooding you've fear of.
 
Having your own site is a better way of earning money and you can keep updating your websites by putting your content and everything you want.
 
would you build a store on land you did not own?
 
you can control the .htaccess, you can create a bing/google webmaster account and fine tune how search engines access your site, you own the site and domain and can sell it or redirect it, etc.
 
A lot of CPA companies require you to own your own website.
 
Domain is important and also the hosting plans..and content...alot of factors to rank in google.
 
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