Paper piecing is how I first got into quilting generally because it was cheap. All you need is fabric, scissors, needle/thread and thin card as well as your pattern and there are lots of free ones online. I did a whole quilt like this - not a very good one in hindsight but nonetheless. I will try and find some pics when I get chance.
Any other equipment is optional and down to your preferred style. I never pre cut neatly ( roughly round with a pair of scissors)
Hobbykat - I love your house! Was this a pattern or a kit?