In Sweden and in other countries, building owners are encouraged to help reduce energy consumption, both in order to contribute to national energy saving goals and, in terms of their own interests, to reduce the costs of heating and operation of the building. However, it is important to pursue the most optimal strategy available so as to achieve cost-effective energy usage while simultaneously maintaining excellent indoor environments, without sacrificing the architectural quality or negatively affecting the environment. Building managers often do not have the time or expertise required to make a proper evaluation of the available options before making a final decision. Renovation measures are often considered in the light of repaying investments in a short time rather than taking into account life cycle costs, despite the fact that a thoughtful, comprehensive renovation is often more cost-effective in the long run. This article presents a systematic approach for evaluating different renovation alternatives based on sustainability criteria. A methodology has been developed to evaluate different renovation alternatives from environmental, economic, and social perspectives. The benefit of using the proposed methodology is that building managers who face a major renovation work are provided with a clear comparison between the different renovation options, viewed from a sustainability perspective, this may facilitate, in the long run, a culture in which renovation measures which involve marginally increased costs, but are seen to lead to significant environmental and social benefits, will be considered and carried out.