Pros and Cons for methods of Creating a local disk or NFS/CIFS share for a Linux/Window VM?

There are two methods to provision space for a VM guest, either Linux or Winodw, one is to create a local disk on the VM, the other is to create a NFS or CIFS share. Can experts here please share your experiences on pros and cons for these two methods? assuming there are no needs to share data between VM's, and the size of it is TB's data.

Thanks,

Roger