Seaspray is fine. It's one of the larger hotels in Placencia village, maybe the largest, with a variety of rooms and price levels. It's on the water, and convenient to good places to eat such as De Thatch and Trattoria Placencia. Because there's always somebody around, you'll have less risk of a theft from your room.
But there are many other good budget/low moderate places to stay in the village, such as Westwind, Cozy Corners, Lydia's, Coconut Cottage and others, all more or less in the same price range as Seaspray, roughly US$30 to $60. Lydia's is a little less.
If you're going this time of year, or most any time off-season, you can just walk around and find a place you like. www.toucantrail.com
is an excellent resource for budget accommodations, plus it has great information. It's a new service of the Belize Tourist Board.