One important thing is to make sure you know what internet allowances you have.
Hosting a server, especially when it becomes more popular, requires many packets of data to be sent and received from server to client. Now, providing you have a good internet package, your ISP (internet service provider) probably won't have a problem with it.
Although, some ISPs will put a cap/limit on your allowances and/or charge you extra if and when you go over the limit. So after many hours or days of your server online, you could find things slow up, you could even notice it when trying to stream youtube videos. However it is highly unlikely they will charge you for it - but its better to be safe than sorry, so ask your parents what kind of allowances you have with your internet package.
I am mainly pointing this out to you because I have had this problem before. My dad wasn't too impressed when we had less than 1mbps upload and download speeds for the rest of the month because I hosted a server for a week!
This is why most serious communities host their servers on dedicated servers with no limits