(Image credit: Apartment Therapy )
Of course it all depends on the age of your child, and the kind of party you're having, but there are always pros and cons to having a party at home versus having the party at a venue...

If you have it at home, you'll have to do the prep work and the clean up. But...you'll have more creative control. If you do it at a venue, most of the party activities and often food are provided and there's less clean up for you.

Pic via Party Wirks.