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Yes, adding a built-in or custom closet generally increases your home's value and makes it more attractive to potential buyers. A well-designed closet adds utility, organization, and a touch of luxury, which are appealing selling points. Most homeowners see a return on investment (ROI) of 50% to 60%; for example, a custom closet can add about $1,000 to your home's value on average. The specific ROI depends on the type, with custom walk-in closets typically providing more value than reach-in closets. However, to maximize value, ensure the closet doesn't significantly detract from the room's usable square footage. Converting an entire room into a closet can actually lower your home's value. Similarly, using overly lavish materials may not recoup their cost. A good strategy is to add a closet that takes square footage from a non-living area, such as a garage, to create a mudroom closet.

Although you can complete a closet frame in just an afternoon, finishing the entire closet will take a few days to a week. However, that’s still not as much as the average time it takes to remodel a closet, which can take anywhere from several weeks to more than a month. That’s because you also have to consider the time it will take to demolish the existing space, plan a new design, order materials, and actually install it. 

Bedrooms and living rooms generally cost the least to remodel. Of course, the project price will depend on what you're planning to do to the space and the cost of the materials you choose to incorporate. Prices are typically lower than those of other remodels because major plumbing, electrical, and HVAC work isn't often part of remodeling these rooms.

The time it takes to build a closet varies widely depending on the project's size, complexity, and level of customization. On average, construction can take anywhere from a few days to two weeks.

A simple reach-in closet might be completed in less than a day, while a more complex walk-in closet could take one to two days or more. A typical project often falls in the 2-to-5-day range. However, a large, highly customized walk-in closet that requires structural changes, like moving a load-bearing wall, will take significantly longer.

A professional contractor can provide the most accurate time estimate for your specific project. If you are planning a DIY build, it is best to budget additional time.