This will very much depend on what your website’s purpose is, how much functionality you want and how much you are prepared to invest in it, both in terms of money, and time.
With templates, there is no doubt it is going to be a cheaper and quicker option than having a custom-built website. You could literally have a templated website live within minutes. That may be ok if all you want is a simple website that acts as a place holder online for your business, but beyond that, it is not going to do much to drive customers to your business, nor get it ranked on Google.
For a start, the functionality of templates is limited, plus, unless you have knowledge and skills in web design, you are not really going to be able to make that many changes to how it looks. This means your website will not be able to build your brand, and it will look much the same as all the other websites out there who are using the same template.