The recent earthquakes in Croatia have underscored the need for rapid assessment methods of buildings, particularly for unreinforced masonry (URM) structures, which are highly susceptible to seismic activity. Detailed data on the characteristics, typology, and architectural design of Croatian URM buildings is limited, which is essential to perform the seismic vulnerability assessment. Large-scale assessment methods that address a large number of buildings need to be expeditious and are typically based on a few vulnerability indicators (or parameters) related to the building characteristics. Acknowledging that existing methods may not be adequate for all building typologies in different geographies, this research aims to adapt them to create a tailored vulnerability assessment method for URM buildings in continental Croatia. The proposed method involves the development of a taxonomy for typical Croatian URM building typologies, enabling a rapid evaluation of their vulnerability based on key data parameters. Sensitivity analysis of these parameters will refine the understanding of their impact on seismic behavior, with validation through nonlinear simulations and actual damage observations from recent earthquakes. A review of existing analytical, empirical, and hybrid methods for assessing building vulnerability revealed the effectiveness of specific parameters in providing quick and reliable preliminary assessments. However, these methods are often tailored to specific building typologies or materials, requiring adaptation for Croatian URM structures. This research will address these challenges by developing a vulnerability index formulation for URM buildings in Zagreb. Then, to optimize the complex decision-making process during the reconstruction and/or renovation of existing masonry buildings, as well as their long-term maintenance, a Value of Information (VoI) analysis will be conducted for different levels of building condition assessment. A comparison will be made between the cost-effectiveness of reconstruction and/or renovation and maintenance of the building across various levels of knowledge in the assessment of the building's condition.