Both my children slept on their own in a cot since they arrived home. I took out everything that could possibly be a hazard to them including bumpers, pillows and toys. There was nothing except sheet and mobile which hung above their head out of their reach.
I would get a monitor rather than sleep in the baby's room. The monitor's also useful when you're in other partrs of the house if the baby is napping in it's room during the day.
The first had cot in our room until 6 months, the second was in his own room since 1 week old. We have both video and audio monitors. The video one is not required and a real luxury. I did find the video easier as you didn't have to keep getting out of bed everytime they made a noise. But you do soon learn their different noises and what they mean. Therefore I would recommended the audio monitor.