There are no of things that to be considered before making a selection for web hosting.
1) Uptime: The uptime the host is providing, usually all host says that they have 99.9% uptime.
2) Speed: It is very important factor in search engine ranking, you should have page loading time less than a second.
3) Disk space: This is the amount of storage your host is giving, so just make sure it is providing sufficient space as per your requirement I.
4) Bandwidth: The amount of data provided by host it also include bandwidth you use to transfer your file using ftp uploads.
5) Ssl certificate: If you are going to process payment on your website, than ssl is very important from security point of view. Moreover websites with ssl get more weightage in search engine.
6) Dedicated ip: It is one of most important factor that is usually neglected by webmasters. If your website is hosted on shared ip than you will also be penalized if someone on your ip is indulged in black hat SEO tactics or use that ip for spamming.
7) Cost: Most important factor that for saving money you should not compromise on quality.