Is this Build decent for a $500 budget?

[spike8241]

Here is my computer im going to build for a $500 (I know its says 696 but some parts are on sale in a locale store and I already have the graphics card) budget. The other parts arn't listed i have already also. If i can improve anything for under $500 please tell me.
PCPartPicker part list / Price breakdown by merchant / Benchmarks

CPU: Intel Core i7-4770K 3.5GHz Quad-Core Processor ($327.98 @ Outlet PC)
Motherboard: Asus H81M-A Micro ATX LGA1150 Motherboard ($67.00 @ Amazon)
Memory: Patriot Viper 3 8GB (2 x 4GB) DDR3-1600 Memory ($79.99 @ Amazon)
Video Card: Asus GeForce GTX 650 1GB Video Card ($108.98 @ Newegg)
Case: Zalman Z5 Plus ATX Mid Tower Case ($47.99 @ Microcenter)
Power Supply: XFX 650W 80 PLUS Bronze Certified ATX12V / EPS12V Power Supply ($64.99 @ NCIX US)
Total: $696.93
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2013-10-13 19:47 EDT-0400)

 

[TBC1]

1. The processor costs more than half of the build (no need for the i7, get an i5) 2. Why are you getting a micro atx mobo? 3. I would get a better gpu.

 

[spike8241]

1. The processor costs more than half of the build (no need for the i7, get an i5) 2. Why are you getting a micro atx mobo? 3. I would get a better gpu.

I want the processor to last more then a year or 2 and also would this motherboard http://www.tigerdirect.com/applications/SearchTools/item-details.asp?EdpNo=8512723&CatId=8586 be better?

 

[TBC1]

1. The processor costs more than half of the build (no need for the i7, get an i5) 2. Why are you getting a micro atx mobo? 3. I would get a better gpu.

I want the processor to last more then a year or 2 and also would this motherboard http://www.tigerdirect.com/applications/SearchTools/item-details.asp?EdpNo=8512723&CatId=8586 be better?

An i5 will last a year or two (the i5-4670k is $100 cheaper and run's just as good). Also, for a budget build like your an i7 is just overkill.