Virtual Reality (VR) is receiving ever-increasing attention and is utilized by many construction companies in their current practices. This paper aims at a critical investigation of the impact of VR technology on how sustainability and cost are understood and perceived by the users in building design projects, which could lead to improving and supporting the actual building design processes. The research study focused on evaluating design alternatives using Building Information Modeling (BIM)-enabled VR technology integrated with cost and sustainability life cycle assessment (LCA) software. In doing so, the paper begins with reviewing the relevant literature in the mentioned areas. Thereafter, it adopts an experimental-qualitative-quantitative method to test the research hypothesis and analyze the effects of 360-degree VR on the users (66 participants), while distinguishing between users who have a relevant background in building/construction engineering (i.e., architect engineers and civil engineers), and those who have not (i.e., owners and clients). It is observed that despite their background, the user participants positively embrace the ideas and aspirations of sustainability, and that there is some evidence of respondents preferring the economy over sustainability. Likewise, the participants are not making an effort to measure the emissions of their design options rather than focus on the building’s economic aspects.