Both of my boys spent a few weeks in a cradle in our bedroom before I put them into the cot in their own bedroom.
I had a baby monitor but I didn't use it as I heard them fine without it and their bedrooms were at the end of the house, but I left the door open. If the door was shut I don't think I would have heard them.

Personally I didn't like them in the bedroom after a while because they kept me awake. I had a more restful sleep once they were out of the room, not to mention DH could get up and go to work without waking up the baby.