Always trying to save the almighty dollar if possible.
Then consider your energy costs. You're likely to find that paying for a shared hosting account is cheaper, and that's even without factoring in your time. The connection speed difference (you won't have the bandwidth that a server in a datacenter usually has) means you's be getting better hosting too.
Based on what I've read, there are better hosting options than Godaddy though.
Just my 2 cents.