I don't think theres a right and wrong answer. It depends on what suits your family, budget and individual baby.

Bassinets and hammocks only get used for such a short time I would definitely look into buying second hand or borrowing.

I would suggest making sure you have something that you can fit immediately next to your bed at least so that depends on the size of your bedroom. Also, consider whether it would be nice to have something more portable or in a second room of the house during the day.

(I'm still waiting for the arrival of my first baby so my advice is mainly theoretical and based on what I've heard of friends experiences. FWIW I splurged on a cot that converts to a bassinet that will live next to my bed and we're borrowing a friend's bassinet for upstairs that has swinging fabric sides so it can be rocked.)