Buildings can achieve energy-efficiency by using solar passive design, energy-efficient structures and materials, or by optimizing their operational energy use. In each of these areas, efficiency can be improved if the physical properties of the building along with its dynamic behavior can be captured using low-cost embedded sensor devices. This opens up a new challenge of installing and maintaining the sensor devices for different types of buildings. In this article, we propose BuildSense, a sensing framework for fine-grained, long-term monitoring of buildings using a mix of physical and virtual sensors. It not only reduces the deployment and management cost of sensors but can also guarantee accurate and fault-tolerant data coverage for long-term use. We evaluate BuildSense using sensor measurements from two rammed-earth houses that were custom-designed for a challenging hot-arid climate so that almost no artificial heating or cooling is required. We demonstrate that BuildSense can significantly reduce the cost of permanent physical sensors whilst still achieving fit-for-purpose accuracy, fault-tolerance, and stability. Overall, we were able to reduce the cost of a building sensor network by 60% to 80% by replacing physical sensors with virtual ones while still maintaining accuracy of ≤1.0°C and fault-tolerance of 2 or more predictors per virtual sensor.