One of the highlights of our four weeks in Italy was the Alberghetto la Marianna, a B&B; on the shores of Lake Como just 10 minutes by ferry from Bellagio. It's immaculate and affordable, with wonderful innkeepers. Breakfast is served lakeside every morning, and Paola's husband prepares the most delicious dinners every night in the restaurant downstairs. The ferry is a short walk away; Villa Carlotta is a bit farther but an enjoyable walk because it's all lakeside.
Alberghetto la Marianna, 57 Via Regina, Cadenabbia di Griante; 011-39-0344-43095, http://www.la-marianna.com/index_en.php. About $113 a night, low season; $127 a night, high season. Includes breakfast.