Make sure you really like the piece you are considering. If you just kind of like it, or not sure, then it's not right for you.
Often people acquire art that they like, but have little passion for. The staying power for this kind of art is short-lived, and it's likely that in 5 or 10 years it will end up being sold or given away.
However, if an art piece truly resonates with you, then it's a good candidate.
Typically the middle of the art piece should hang slightly lower than your eye level.
For example, if you are 5'10", then eye level for you is roughly 5 feet or 60 inches from the floor. Since right hanging height is slightly lower than eye level, then the proper height would be 58".
On average people hang art too high. You want to make sure you are not looking up at art because then it loses its power. The experience of enjoying art is that you should feel connected to it.
Use hardware that won't put large holes in your walls.
This type of hardware can hold 30 lbs up to 100 lbs depending on whether you purchase the single or triple nail.
SELECTING A FRAME
I believe there are 2 ways to choose a frame.
The most common way, which is neither right or wrong, is to select one that compliments your furnishings.
If your home is somewhat clean and contemporary, you might consider a more modern frame.
If your space is traditional, then possibly consider a heavier, more ornate frame.
The best way in my opinion is to frame based on the art itself.
In other words, if the art is an architectural image with lots of geometry, then it's probably best to choose a modern frame.
If however the photograph is of Baroque interiors, a traditional frame would most likely be better suited.
The idea is for the frame to compliment the art, and to be consistent with it, not compete with it.
In general my belief is that although there are lots of beautiful framing options, it's usually best to do a simple black or white frame so that the art takes center stage.