Domain name is most important part of your website. But with domain your webhost is also an important factor. Because if your host cannot resist your visitor traffic or it is not providing good uptime then you will loose your visitors. It is the worst thing for any website.
So to choose a good host assure each point in below checklist before purchasing, it reduces chances of getting cheated.
1. Check server configuration, it should have good processor with more cores and high amount of RAM.
2. Ask hosting company for some customer sites, check their site speed. This will make you quite sure about the server speed.(you can ping the server)
3. Try to find reviews from current customers. Better you find review from some of your friend because they are trustworthy and you know they are true, not fake ( made by the company itself ).
4. Compare the host price with current international hosting market price. They must not so high or so low. As the lower price one may be some reseller or fraud who may run away after some days of selling hosting.
5. Choose a host which is providing live chat support. This thing really helps at critical time.
6. Get little more bandwidth than you really need. You may get sudden traffic from social networking sites.(Check whether your server is able to resist traffic or not.Click here)
7. If you are new at operating hosting backend, try to get hosting with easy backend like cpanel.
8. Check that you have given FTP account for easy update of your website.
9. An old hosting company is more trustworthy .
10. If its shared hosting ask the company that how many maximum accounts they are going to sell on the same server. The number should not be much high.
11. Read terms and conditions carefully, what you can host and what you can’t. Also what TOS they require you to follow like maximum number of emails per hour, maximum RAM limit etc. Because most of hosts suspend account for these reasons.
12. Check for special features you need. Like ASP .NET support, PHP version, Curl support etc. Some host disable some features for security reasons and you come to know after purchasing, but it might be the most important feature for you so better confirm before you buy.
I will update the list as I get more things in mind. You can also comment if you have something in mind, Happy Hosting!