The best budget coolers are the Hyper 212 EVO and the Cryorig H7. The Hyper 212 EVO can be found around now cheaper than the the Cryorig H7, however the Cryorig H7 has better cooling performance. For even more cooling performance within your budget you can go to the Cryorig H5 or ND-U14S. For a little additional investment you can go to something like the NH-D15 and get the very best air cooling available.
It all depends on what can physically fit in your case, and what you are going to want to do with it. If you are looking for a moderate overclock then the Hyper 212 EVO or Cryorig H7 would be ideal. If you want high overclock your looking more at a Cryorig H5 or NH-U14S level. If you want to push your CPU for everything its worth you need to be at the NH-D15 level of coolers.
I would recommend staying with air cooling as to get better cooling with water coolers you would have to get a water cooler better than the H100i GTX (equal to the cooling capabilities of the NH-D15). Water coolers at this level are both more expensive than air coolers and have more risks, such as a pump failure or coolant leak.