I'm looking at upgrading to an i5 or potentially an i7 processor, but from what I understand my motherboard wont be compatible with the new processor, so:
Looks fine, but I would go with an Asus or AsRock motherboard instead of the Gigabyte one. They are brilliant at graphics cards, but their motherboards are often rather mediocre. Something along the lines of:
I've already got the RAM already on my computer, I just put it in the new build to keep the same format (If that makes sense). Do different types of RAM require a compatible motherboard also?
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Are you not planning on overclocking (you're linking a locked chip)? If not, the Z77 board is a waste of money since its primary function is overclocking K series chips. You could save $50 by going with an H77 board if that's the case.