The nature of bike modifications varies quite a lot, so obviously the reasons for doing the mods will vary as well.
I bought my bike brand new, and starting changing things around almost straight away, and am continuing to plan further mods. They are generally comfort/touring related things (nice seat, big tank, luggage racks), rather than performance/bling type mods
I couldn't find a bike that was going to do exactly what I wanted it to, so I bought something close enough, and started fiddling with all the bits that needed improvement.
I don't expect any of the mods would increase the value of the bike, but, I didn't buy the bike to sell it, I bought it to go touring on gravel roads, so I'm happy to throw away a little bit of money to make the bike better at doing that.

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