Everything in Budva is within a few kilometres of everything else, so the choice is between sleeping inside the noise, beside the town beach, or one bay along where it is quieter and cheaper.
Stari Grad — inside the walls
Marble lanes, no cars and the Citadela at the end of the street. It is the most atmospheric and the most expensive base, and in July and August the bars on and under the walls carry until the small hours, so ask about the room's orientation.
Slovenska plaza — the town beach strip
The block of apartments and hotels behind the long town beach, five to ten minutes' walk from both the Old Town gate and the bus station. The best value-to-convenience trade in Budva and the easiest base with luggage or children.
Becici and Rafailovici — one bay south
A longer, wider beach and a promenade of fishing-village konobas, ten minutes away by frequent local bus. Rooms and dinner both cost less than in town, and you can still be at the Old Town in a quarter of an hour.
Book the peak weeks early
Late July and August is the crush, and hostel dorm beds that cost around EUR 18 in April run EUR 45–50 in August. Every stay also carries a small nightly city tax on top of the room rate, and paying it is separate from registering your stay.