The recent emergence of building information modeling (BIM) and the evolution of virtual design and construction (VDC) in the architecture, engineering, and construction (AEC) industry are fundamentally changing the process by which buildings are designed and constructed. However, the perceived high initial cost of implementing BIM has deterred many industry professionals from adopting this technology. This paper aims to facilitate the decision-making process in the adoption of BIM by presenting the cost savings associated with implementing BIM. In many cases, an owner’s willingness to pay for the BIM is crucial in the contractor’s decision to use BIM. Therefore, in order to show the returns on the investment (ROI) of paying additional fees, data was gathered from three case studies on three sets of similar projects, with each set consisting of one recently constructed BIM-assisted project and one earlier, similar project completed without BIM. The potential savings to an owner choosing to invest in BIM as an additional service were estimated based on the measurable cost benefits associated with reduced schedule overruns, fewer requests for information (RFIs), and reduced change orders. This research confirmed that BIM is a worthwhile investment in the context of the company studied. In the three case studies presented, the ROI of BIM varied greatly from 16 to 1,654%. Additionally, the total number of RFIs was reduced by 34% on a small tilt-wall project, 68% on a three-story assisted living facility, and 43% on a midrise commercial condominium project, and the number of change orders was reduced by 40, 48, and 37%, respectively. Though an owner’s decision to invest in BIM should be weighed against the scale and complexity of a project, this research suggests that savings may be realized regardless of the size of a construction project. The paper presents a systematic approach for estimating the ROI realized in adopting BIM using standard project documentation. Finally, general suggestions for documenting BIM-assisted construction projects are outlined based on limitations uncovered during this study.