Location of venv and sites files

Location of venv and sites files

I am trying to structure my server when I am installing virtualenv on
debain. I have three options in regards to how I structure things and I
would appreciate some feedback.
Option 1:
Venv: /var/www/site1
Code: /var/www/site1/code
Option 2:
Venv: /home/deploy/site1
Code: /home/deploy/site1/code
Option 3:
Venv: /home/deploy/site1
Code: /var/www/site1/
Can anyone please tell me if I have the right idea, I know it's down to
interoperation but I can't help but feel that one option fits better into
the debain architecture. If there is a better option I haven't listed I am
all ears.
James