There are large number of heritage buildings across the world. Heritage buildings are historically unique by nature and require specific attention to their architecture. Current trends of protection and use of heritage buildings and cultural heritage components testifies to an increasing attention of the study of heritage and legacy. The literature review indicates that there many existing rating systems developed to evaluate the performance of buildings from a sustainability point of view. They all based on three pillars; environment, physical, and society. Also, LEED, BREEAM, CASBEE, ITACA, and others are examples of these rating systems. However, each of them has its own assessment attributes that originate from its local context. Besides, none of the rating systems proposes a definitive guideline for the decision makers to select the best affordable rehabilitation alternatives, taking into account the sustainability of the buildings. Nevertheless, there is an absence of a comprehensive rating systems that could assess heritage building elements and assist facility managers in their rehabilitation decisions. Therefore, the main objective is to develop a comprehensive rating system for heritage buildings that not only evaluates the different building components but also optimizes the expenditures through effective utilization and the allocation of the limited budget among the building components.