Although construction is one of the largest industries in the world, it is one of the least digitised and its productivity is still very low. Excesses of time and cost are common and are even more accentuated for building renovation. Recently, the building information modeling (BIM) methodology has strongly entered in the construction sector and appears to be an effective paradigm shift. Considering all of the previously mentioned aspects, this article addresses the identification and analysis of the critical barriers of renovation and the potential for digitalisation to overcome them using BIM. The methodology that was used is based on an open innovation approach called Living Labs, where consultations with the key stakeholders of the construction process aims for a higher digitalisation to focus on real needs and fitted to the user’s requirements. Starting from a worldwide survey, the analysis of the Spanish casuistry is deepened. From the analysis of barriers and opportunities, the necessary requirements for an optimal BIM application in renovation are highlighted. After identifying the key aspects that each stakeholder’ typology has considered as relevant, a set of key performance indicators have been selected, to monitor the improvements in the renovation process when BIM is adopted.