The resources and manpower Europe used OTL to conquer the Americas is going to be spent keeping vassals in check, and the Americas are likely to be discovered later than in OTL.
This is only a factor politically: the kings might not agree to fund any harebrained schemes because of immediate concerns, even if it doesn't cost much. Otherwise, the costs of trans-Atlantic voyages weren't high in either money or manpower compared to OTL wars closer to home or even the circum-African route.