Montemezzo
Colico, Italy

Can't afford a cabin amid the pistes? A set of flats has just been completed at the northern end of Lake Como.

Pros This gasp-worthy view from your balcony over one of Italy's loveliest beauty spots. You can specify the bathroom tiles and other details, as each flat will be finished to the buyer's taste. Both bedrooms have a bathroom. If watersports on the lake alarm you, there is splendid sightseeing by boat, or similarly sedate pleasures to be found at the communal swimming pool. Milan's two airports are 75 minutes' drive away, and are on cheap flight routes.

Cons The 40km drive home from the nearest ski resort at Madesimo will be a drag after a hard day on the slopes.

Price £105,000-£135,000 (£71,000-£91,000), from Casa Travella, 01322 660988 (casatravella.com).

La Pierre St Martin
Aquitaine, France

Friends can share your snowy Pyrenean hideaway, provided you can tolerate intimacy: two to a room and you're only housing six - though you could use the living areas, too.

Pros In the heart of the resort, among rocks and pine trees. An access road, so you won't have to lug suitcases through the drifts. The hallway is roomy enough to dump your skis in, and the downstairs bedroom can accommodate a double bed and a bunk. Grand views of the mountains from the south-facing balconies. Biarritz airport is an hour and a half away.

Cons One of the three bedrooms is actually a landing. The bathroom's in the roof (although ground-floor sleepers do have a loo). There's no land, and the other half of the building is occupied by the neighbours.

Price £105,660 (£71,600). VEF French Property Consultants, 020-7515 8660

Bonnevaux
near Châtel, France

The village is in a valley leading from Lake Geneva to the ski resort of Châtel, an hour and a quarter from Geneva airport.

Pros One of three brand-new, four-bedroom chalets, five minutes' drive from the beginners' ski haven of Col du Corbier. Bung ski clutter in the garage or basement, then retire in front of the fireplace in the living area, or swig your hot toddy on one of the three balconies. It's cheap at the price, given the 800 sq metres of land.

Cons You get such a bargain because you're a good 15 minutes' drive from the main ski area of ChËtel, so rental returns may be on the low side.

Price £237,000 (£160,600), from alpine-property.com. 0161-427 0052.

Verbier
Valais, Switzerland

If you want to be seen on the pistes, this is the place to make an impact.

Pros Close to the slopes and the golf course in one of the swankiest ski resorts. The chalet is built of old wood: even more status. Inside is 180 sq metres of living space and outside, grand views of the mountains. There are no death duties in Valais, so you can pass it unencumbered down the family. Rental returns should be healthy, given the location.

Cons You'll have to be rich - a good £230,000 is needed to renovate the place and turn it from two apartments into a single chalet. Switzerland restricts foreign purchases via a quota system: you can wait up to 18 months for the go-ahead.

Price 1,600,000 Swiss francs (£738,000). Alpine Apartments Agency, 01544 388234.