That's my favourite Wes Anderson film! The story and design are beautiful and the writing is brilliantly clever.

the effects are intentionally low-budget

Some of them are for aesthetic reasons, but this film was actually pretty expensive to make. Famously it did a lot of damage to WA's reputation among Hollywood execs because the studio greenlit a high budget for him and gave him a lot of creative control and the movie ended up doing really poorly at the box office. It cost 50M to make and only earned 25M in box office sales.