CPU: Intel Core i7-4770K 3.5GHz Quad-Core Processor
CPU Cooler: Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler
Motherboard: MSI Z87-G45-GAMING ATX Motherboard
Memory: Corsair Vengeance LP 1600-16GB (2x8GB)
Storage: Western Digital Green 2TB - 3.5inch
Video Card: MSI GeForce GTX 770 Gaming,2GB
Case: Fractal Design Define R4 (Black Pearl) Full tower (Not sure about the size though)
Power Supply: CiT 850W 12cm Silent Fan Dual Rail Power Supply - Black Edition
Optical Drive: Samsung SH-224DB/BEBE DVD/CD Writer
Monitor:ViewSonic VA2446M-LED 24-Inch LED-Lit Monitor
This whole lot costs me around €1276 (1733 U.S. dollars) excluding shipping costs. This is the max I can go. If anyone has cheaper variants, which are the same quality I am open to it. Preferably from European/U.K. shops, because shipping costs + Import here totals around 300 dollars to where I live
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Firstly, what country are you in, and do you have any preferred retailers? It's hard to assign value to something without knowing how much it costs. Case in point - the motherboard. Its usually among the cheaper Z87 boards so it often presents great value for money. If it's not cheap relative to similar boards, it's quite possible there is a better buy.
As for individual choices, an i7 and 16Gb of ram are overkill for gaming, they don't really give you anything over an i5 and 8Gb.
Also, a Green HDD and a CiT PSU are poor choices.
Caviar Green drives are low power, lower speed drives for efficiency. They aren't good if you want to install and run things from them. At the 1TB level, look at the Caviar Blue or Seagate Barracuda 64Mb cache versions, if you want a 2TB, you are looking at the Barracuda again for value, or a Caviar Black if you want a great warranty life/quality.
CiT aren't a manufacturer known for quality, whether its cases or PSUs. That particular unit is very shoddy, and despite calling itself an 850W unit, isn't capable of anything like that. It doesn't even have enough power connectors for a single GTX770 (when a good 850W unit would power two of them).
Something like an XFX Core 550 or a Corsair CX600/600M would be a great entry level PSU for this build, though spending more wouldn't be a terrible idea if you wanted an increase in quality, capacity or modular cables.