The view from our hotel room lobby was probably the best you can get from the home stays in hampi. We stayed in padma guest house. We did our breakfast there and first visited the core area of hampi known as royal centre which was pushkarni, lotus mahal, elephant stable, queens bath etc.
They are all in the same area with 5 minutes difference. You can also get bikes on rent.
If you have interest in historical structures and architecture the place is heaven for your eyes. Long ending views, rockes and stone all around. No modern building or structures in your view just mountains behind with huge rocks.