If I used my old Hard drive for a new build, are there any risks I would face? Also how do I know if it's compatible?
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what is the interface of your HDD ?
If it's a SATA drive, it's compatible with new builds. If it's an old IDE/PATA drive, the new motherboard would require and IDE connection port or you could possibly use an IDE to SATA data cable. No real risks involved.
Just thought I should add to this.
As your hard drive gets older the chance of failure increases exponentially. This is why most warranties only last 1-2 years. Just be sure to have a good backup solution in place - which should be standard practice anyway.