To tackle the upcoming renovation wave, this work evaluates renovation strategies with a life cycle GHG emissions perspective and includes time and sequencing in the decision making process. A case study is used to conduct a full life cycle assessment of renovation strategies in line with the Swiss normative context. Improvements in the operational energy consumption are evaluated with an energy model using the software Lesosai and considering the normative limits from the SIA 380/1. GHG emissions are calculated using the Swiss KBOB data inventory and in line with the SIA 2032 methodology. The renovation measures are then examined individually with the carbon payback time indicator and strategies with cumulative emissions over time in contrast to carbon budgets. Results show that the sequence of the refurbishment steps can increase or decrease cumulative GHG emissions of ca. 30% over the lifetime of the building. Changing a fossil-fuel based heating system is the most impactful measure and must happen as soon as possible. Switching to decarbonized heating systems reduces the carbon effectiveness of subsequent renovation measures but poses the question of energy availability. Fully renovating a building but delaying the change of heating system by only 7 years can compromise the achievement of the carbon targets.