Okay here you go this is more elaboration and honestly I am just going to say... when it's first child you think I need it all! This is my child! I need all the new gadgets to ensure this child makes it to adulthood! Spoiler alert you don't! Now I know if the self help books you are going to hear about all the scary stuff like SIDs (which is serious) and you are going to read about neglectful watchers. As it pertains to baby monitors I honestly think the fancy ones are more for daycare setting NOT the mom and dad at home raising their infant.
As mentioned when the child is first born it will most likely be in your bedroom in a bassinet. Now you are saying but Chad we are heavy sleepers nothing can wake us up! WRONG. THat child is hardwired to you and your wife you will hear everything and be ALERT when awake. Now once you realize everything is fine you will easily fall back to sleep because you are exhausted raising an infant. In the beginning like first 3 or 4 months when your child needs a nap guess what that baby will take a nap in the same room you are all in! either in a bouncer, swing, or move the bassinet down two flights of stairs (yup Megan made me do this!)
Then the child will be taking less frquent naps and sleeping longer at night. At this point the threat of SIDs while still there is VERY LOW! VERY LOW! You are now in baby monitor stage.... maybe! Why you ask? Well if the child is breast fed YOU might push the bassinet til 6-8 months old depending on baby size to allow for easier access to feed the baby at night. But let's say hypothetical you move the baby to the other room. This is where the monitor can be nice. But remember how I said anything will wake you up? Still the case you and your wife are hardwired to hear even the faintest stirring from your baby. So the monitor is just there for a security blanket.
Once the child is walking and into toddler stage and they take fewer and fewer naps the monitor is really only used during the day NOT at night. Because now your baby is sleeping through the night or if needed their lungs are LOUD! Plus baby monitors are like radios... radios make random noises that wake YOU up at night. So again only used during the day at nap time. Which is why I recommend a simple ONE! So you can hear the crying on the monitor in case you are outside getting the mail, checking on the garden, watching the football game etc. So now to your other questions.
VTech 2 Parent Digital Audio Monitor with Ceiling Night Light - TM8212-2 This isn't the exact model we had but it is similar. IT allows you talk to the baby... let them know you are coming. and it has two radios one for you, and one for your wife
it's not expensive! Baby stuff as you know is expensive! And every company out there is trying to take money away from your child's college savings account.
That it was $50 for some basic walkie talkies. Honestly you could buy some cheap ones and tape down the talk button on one of them. Okay that's extreme but it would work.
It alerts you when baby is crying. So you then go to baby.
WHOA! slow down pardner! This isn't a TV to watch LSU lose to Utah in a few years. This is a device that will get minimal use. Trust me I get it... we bought some stupid stuff for both of our kids at this stage of their lives some of it was nice... a lot of it did not get used. Baby monitors to me are a little bit of a scam. The cameras etc are nice for daycare setting. I don't think really needed for mom and dad at home with new baby.
Anyways I hope that helps… most important thing to remember about all of this fancy tech is that you can’t change (Sorry getting religious) what God gave you and your wife… the ability to raise that child. You already have all the tools… everything else just makes it easier.