W.J.
Don't waste your money with the bassinet, just use the crib in the next room. Your baby will be fine, and will respond to your emotions about the situation. If you are anxious about him being directly in the crib, he will be anxious. Your first born will also pick up on the anxiety of the sleep situations and may start to have sleeping issues as well. So it really depends upon how you will feel about the situation and if you will be able to make it work or not! There is so much more that you will need to spend your money on.
This is just a convenience object for those mothers who prefer to have their children right next to their bed so they don't have to bother doing much when the child wakes up in the middle of the night.
Honestly the play yard is also not necessary, unless you are concerned for the safety of your newborn and want to seperate the little one from your firstborn child. Unless you have a rambuncious male child, I don't see this as a necessary item either. These are just my thoughts, good luck.
W.
W.