Ever since Artemisia made the move away from epees, the biggest problem for beginning fencers in the SCA has been putting together a sword. For the most part, new fencers tend to be younger than and not as secure financially as their elder counter-parts. They don't have the $250 to spend on a ready-built Alchem, let alone the $300 - $400 to drop on a Darkwood. Which leaves the question of how to put together a sword when you're a starving college student?
You do have a few options. The first is to set your sights a little lower and buy a mass-produced complete sword. Zen Warrior has ready-made rapiers starting at right around $100, and their best (the R9) runs for under $200. The problem here is (to put it in car terms) that Zen Warrior is the Kia of rapiers. They're inexpensive and functional, but they're not exactly high-quality. They have some quality control issues with their blades and the majority of their guards have some serious design flaws. Likewise, Hanwei offers several complete rapiers for under $200. These are probably the Chevrolets of the Rapier world. Better than the Zen Warriors, but still not top of the line. Their guards are more period and much prettier, but you still run into the occasional quality control issue with the blades.
The next option is to buy a used sword from another fencer. This gives you the opportunity to test drive the sword first and, more often than not, you will be getting a better sword than if you were to spend the same amount on a new one. But just like with buying a used car, you need to have it checked out first. Look for soft spots in the blade, excessive bends, cracks, rust and so on. Find out how old the sword is. If a blade is old but still in good shape, then you know the metallurgy on it is good. If you keep it rust-free, odds are it'll outlast you.
Your third option is to make a sword from parts. Buy a blade you like and then either buy, barter for or build the rest yourself. This is how I put together all of my swords. This is probably the most cost effective method of putting together a sword, especially if you can find a deal on a used bare blade. Even if you don't, you can still save a ton of money. For example, my most expensive sword cost a total of $150.35: $75 for the blade (a Solingen), $75 for the guard (a Zen Warrior R9), a home-made horn handle, the pommel weight off of an old foil and a 35-cent copper pipe union. My least expensive? $86: $75 for the blade (a KC), $11 for the pommel and the rest made from scraps (steel bar stock left from a heavy helm for the guard and scrap wood for the handle). Even the Hockey Stick from Heck was made this way. I spent $70 for the bare Alchem blade and then $50 for a wall-hanger that I stole the hardware from.
Yes, building your own sword requires more effort than buying a pre-made sword, but it gives you a sword that is truly yours.