Survey the colonial home and identify the historic or original elements you want to preserve. Notice characteristics such as the wood floors, paneling, doors, molding, black iron hardware, fireplaces and brick.
Restore, repair or replicate the items to maintain some of the colonial features in the home. For example, restore the hardwood floors by refinishing the floorboards. Remove any remnants of a prior remodel that is dated, such as old wall paper or worn carpet covering wood floors.
Brush a fresh coat of paint on the home using modern neutral or trendy colors that most people will find appealing.
Streamline the hardware and details of the home so that they complement each other and belong to a similar theme. For example, if you like black iron hardware often found in colonial homes, make sure the same hardware is used throughout the home, including matching door handles and light fixtures.
Improve your home's energy efficiency. Modern homes are energy efficient and the investment in improving your home's efficiency should pay off in the long run. Make sure your heating and cooling system is updated, check your insulation, inspect doors and windows for drafts, replace light bulbs with energy efficient ones and make sure your appliances or electronics are energy efficient.
Remodel the bathroom(s) and the kitchen. Modern homes make good use of space. Remodel these rooms so that they are easy to clean and highly functional. Add an island to the kitchen or a linen closet to a bathroom, if you desire. Update appliances, refinish woodwork and replace the toilet, shower and vanity.
Add natural light to the home. Install palladian windows or open up the back of the home but maintain the colonial curb appeal. Open up the floor plan by removing some of the interior walls or combining some rooms together.