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I built my house in an amazing spot, a slight hill by the beach with a great sunset over the bay.
You spawn just a bit inland. There's a beach in the distance around 60 degrees left from the sun (south..ish). You should be able to see it from the spawning position if your rendering distance is high enough. Walk in that direction until you reach the beach (not far). You should see mountains to the left. I found the best spot to be between the mountains and the bay. Just walk south (left when you face the ocean) between the grass and the sand until you reach the highest grass area. If you wait for a while you should see the sunset over the bay. It's gorgeous! No drinkable water there though (you can't drink salt water). I satisfy my thirst with tomatoes. If you're desperate for water, there are a few water holes just around the corner of the mountain if you follow north right next to the mountain base. But other than that, you're close to everything. Plenty of different plants nearby (different biomes at short distance). There's even a desert with pyramids not too far north along the coast which I recommend you to explore after you settle in.
EDIT: I forgot to mention that I created the world without caves. Everything else is default. Not sure what it will be like with caves.
